Expanding further outside India, locally developed real-time payment solution UPI will make inroads into the UK market starting with QR code-based transactions.
NPCI International Payments Ltd (NIPL) has partnered with payment solutions provider PayXpert to internationalize the acceptance of its payment solutions in the UK.
NIPL is the wholly owned subsidiary of National Payments Corporation of India (NPCI) which has developed the world’s largest real-time payment solution, Unified Payment Interface (UPI) and RuPay card system.
“This collaboration will make Indian payment solutions available in the UK on all PayXpert Android point-of-sale (POS) devices for in-store payments, starting with UPI-based QR code payments and later integrating the possibility of RuPay card payments,” the NPCI said in a statement Thursday.
Considered one of the most successful real-time payments (RTP) systems in the world, UPI recorded a volume of USD 940 billion (39 billion transactions) in 2021, or 31% of Indian GDP.
RuPay is the global card payment network developed in India with over 70 crore (700 million) cards issued to date.
David Armstrong, Managing Director of PayXpert in the UK, said the foray of UPI and RuPay will open up a new field of opportunity for the company in the UK. This will further strengthen the company’s solution capability for UK merchants, he said.
The NPCI said more than 5 lakh Indians, including more than 1 lakh students, travel to the UK every year.
He said that number is expected to grow exponentially over the next few years.
The partnership will provide Indian travelers with a familiar and convenient way to make payments in the UK.
NPCI said the UPI and RuPay payment options should benefit both consumers and retailers across the UK, while giving a welcome boost to commerce in the retail, hospitality and tourism.
“With this development, Indians traveling to the UK will be able to enjoy the benefits of UPI’s payment platform through PayXpert’s point-of-sale devices. This collaboration is an important milestone for us and we plan to increase RuPay card payment facility in the near future,” Anubhav Sharma, Head of International Business – Partnership, Business Development and Marketing, NPCI International, said.
In July 2021, Bhutan became the first country to adopt Unified Payment Interface standards for NPCI’s QR deployment, and the only country to accept RuPay cards.
Earlier in February this year, UPI made a foray into another neighboring country, Nepal, in a bid to boost real-time digital transactions.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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