meta
The locally created real-time payments system UPI will enter the UK market as part of its continued international expansion, beginning with QR code-based transactions.
To internationalise the acceptance of its payment solutions in the UK, NPCI International Payments Ltd (NIPL) has partnered with payments solutions provider PayXpert.
The RuPay card programme and the Unified Payments Interface (UPI), the largest real-time payment solution in the world, were created by National Payments Corporation of India (NPCI), a wholly-owned subsidiary of NIPL.
In an announcement on Thursday, NPCI stated that the partnership would make Indian payment solutions accessible in the UK on all PayXpert's Android point-of-sale (POS) devices for in-store purchases, initially with UPI-based QR code payments and later incorporating the opportunity for RuPay card payments.
One of the most successful Real-Time Payments (RTP) systems in the world, UPI recorded $940 billion in volume in 2021 (approximately Rs. 74,81,800 crore), which is equivalent to 31% of India's GDP.
With more than 70 crore (700 million) cards issued to date, RuPay is India's locally created international card payment network.
The entry of UPI and RuPay will expand the company's market in the UK, according to David Armstrong, Managing Director of PayXpert in the UK. According to him, it will further increase the solution's capacity for UK businesses.
According to NPCI, more than 5 lakh Indians annually travel to the UK, including more than 1 lakh students.
It stated that during the following few years, this number is anticipated to increase dramatically.
The collaboration would give Indian visitors to the UK a comfortable and familiar means of making payments.
According to NPCI, the UPI and RuPay payment options are expected to help both customers and merchants in the UK, as well as give the retail, hospitality, and tourism industries a much-needed boost.
"Through PayXpert's POS systems, Indian travellers to the UK will now be able to take advantage of UPI's payments platform. This partnership marks a significant turning point for us, and we intend to soon improve the functionality of RuPay card payments "According to Anubhav Sharma, NPCI International's Head of International Business - Partnership, Business Development & Marketing
Bhutan is the only nation that accepts RuPay cards and was the first to approve the Unified Payment Interface specifications for NPCI's QR deployment in July 2021.
In an effort to promote real-time digital transactions, the UPI first entered Nepal in February of this year, another neighbouring nation.
