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Economy
Mahesh

20/08/22 06:05 AM IST

Indian flyers to UK to enjoy hassle-free digital transactions

In News 
  • Expanding further outside India, the indigenously developed real-time payments solution UPI will foray into the UK market starting with QR code-based transactions.
Details 
  • The UK will be the eighth country where UPI-based services will be made available. UAE, Japan, the US, Singapore, Bhutan, Nepal and France are already accepting UPI-based payment services.
  • The NPCI International Payments Ltd (NIPL) has forged a partnership with payments solutions provider PayXpert to internationalise the acceptance of its payment solutions in the UK.
NPCI 
  • The NPCI International Payments Ltd (NIPL) has forged a partnership with payments solutions provider PayXpert to internationalise the acceptance of its payment solutions in the UK.
  • NIPL is the wholly-owned subsidiary of National Payments Corporation of India (NPCI) which developed the world's largest real-time payment solution the Unified Payments Interface (UPI) and the RuPay card scheme.
Significance 
  • This collaboration will make the Indian payment solutions available in the UK on 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
  • Counted as one of the most successful Real-Time Payments (RTP) systems globally, UPI clocked a volume of USD 940 billion (39 billion transactions) in 2021, equivalent to 31 per cent of India's GDP.
  • RuPay is the domestically developed global card payment network in India with over 70 crore (700 million) cards issued to date.
  • The UK will be able to enjoy the benefits of UPI's payments platform through PayXpert's POS devices. 
  • 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.
Source- Economic Times 

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