#TrendingNow: UPI Payments to be Live Soon in Europe!
Indians will soon be able to make UPI payments in Europe following a partnership between NIPL, the international arm of National Payments Corporation of India (NPCI) and Worldline, the European payments services facilitator, The Economic Times reported Tuesday.
“The partnership between NIPL and Worldline is aimed at expanding acceptance of Indian payment means across Europe,” the ET report quoted in a joint statement.
Merchant POS Systems in Europe to Accept UPI Payments
As part of the partnership, Worldline will bring more convenience for Indian customers in the European markets by allowing merchants’ point-of-sale (POS) systems to accept payments from UPI, the report mentioned, adding, “Later on, the Indian customers will also be able to use their RuPay debit or credit cards to make payments in Europe”.
Currently, customers from India pay through international card networks. However, UPI allows multiple bank accounts to be accessed through one single mobile application. The report stated that this will enhance customer experience while opening up new business prospects for merchants.
“This will result in a multitude of customer-related merchant benefits due to an increase in footfall and spending from Indian tourists,” the report quoted the NPCI and Worldline joint press release.
UPI, RuPay, BHIM to Go Global: FM Sitharaman
India is talking to different countries to make Rupay acceptable in their nations, Union Finance Minister Nirmala Sitharaman said on Tuesday as per a report by the news agency PTI.
“Not just that, the UPI (Unified Payments Interface), the BHIM app, and NCPI (the National Payments Corporation of India) are all now being worked in such a way that their systems in their respective country, however, robust or otherwise can talk to our system and the interoperability itself will give strength for Indians expertise in those countries,” she said in response to a question from a student at the University of Maryland, as per the report.
The Unified Payments Interface (UPI) transaction volume rose 85% year-on-year in August 2022 to 6.57 billion transactions in a new record, as per data from NPCI. The total value of transactions also saw a 67.85% Y-o-Y growth to ₹10.72 trillion during the same period.
Also Read: TrendingNow: RBI Governor Launches UPI Lite; Know What it is and How to Use it
Final Word
With UPI all set to go global, it would be interesting to see which countries would adopt this technology to ease their existing payment system.
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Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
