UPI expands further globally for indians in UK. The Unified Payments Interface (UPI), an Indian-created real-time payments technology, will initially enter the British market through QR code-based transactions.
To expand the reach of its payment solutions outside the borders of the United Kingdom, NPCI International Payments Ltd (NIPL) has joined forces with payments solutions provider PayXpert.
NIPL was founded by National Payments Corporation of India (NPCI), the company responsible for the world’s largest real-time payment solution, the UPI and the RuPay card system.
In a press release issued on Thursday, the National Payments Corporation of India (NPCI) explained that the partnership would “make the Indian payment solutions available in the U.K. on all PayXpert’s android POS devices for in-store payments, beginning with UPI-based QR code payments and later integrating the possibility for RuPay card payments.”
In 2021, UPI processed $940 billion (39 billion transactions), which was 31% of India’s GDP and made it one of the world’s most successful Real-Time Payments (RTP) systems.
Over 70 crore (700 million) cards have been issued using the Indian-created worldwide card payment network RuPay.
The introduction of UPI and RuPay, according to David Armstrong, PayXpert’s UK Managing Director, will create a whole new market for the company in the United Kingdom. According to him, this is a huge win for the company’s solution for British retailers.
NPCI estimates that over 5 million Indians visit the United Kingdom annually, with over 1 million students making up a large portion of this total.
It was stated that this figure would increase dramatically during the coming years.
Through this collaboration, Indian tourists visiting the United Kingdom will have access to a payment method that is both familiar and easy to use.
NPCI predicted that the introduction of UPI and RuPay would be beneficial for shoppers and businesses alike in the United Kingdom, and would serve to stimulate growth in the retail, hospitality, and tourism industries.
“Indian tourists to the United Kingdom can now use PayXpert’s POS terminals to take advantage of UPI’s payment features. We see our partnership with RuPay as a major step in expanding the acceptance of card payments in the country “According to NPCI International’s Head of International Business, Partnership, Business Development, and Marketing, Anubhav Sharma.
As of July 2021, Bhutan is the only country in the world to accept RuPay cards and the first to adopt Unified Payment Interface requirements for NPCI’s QR deployment.
In an effort to further facilitate instant digital transactions, the UPI expanded into Nepal in February of this year.