UPI Expands further globally

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UPI Expands Further Globally

Indian travelers to UK to enjoy hassle-free Digital transactions

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, the UPI forayed into another neighborhood country Nepal in a move aimed at bolstering real-time digital transactions.
Expanding further outside India, the indigenously developed real-time payments solution the Unified Payments Interface (UPI) will foray into the United Kingdom market starting with QR code-based transactions.
The NPCI International Payments Ltd (NIPL) has forged a partnership with payments solutions provider PayXpert to internationalize the acceptance of its payment solutions in the U.K.
“This collaboration will make the Indian payment solutions available in the U.K. and all PayXpert’s android point-of-sale (POS) devices for in-store payments, starting with UPI-based QR code payments and later integrating the possibility for RuPay card payments: NPCI said in a release on Thursday.

Counted as one of the most successful Real-Time Payments (RTP) systems globally, UPI clocked a volume of $940 billion (39 billion transactions) in 2021, equivalent to 31% of India!s GDP.
RuPay is the domestically developed global card payment network in India with over 70 crores (700 million) cards issued to date.

NPCI said over 5 lakh Indians, including over 1 lakh students, travel to the U.K.
The partnership will provide Indian travelers a familiar and convenient way to make payments in the U.K.
NPCI said the UPI and RuPay payment options are set to benefit both consumers and retailers across the U.K. while providing a welcome boast to commerce across the retail, hospitality, and tourism sectors.