The National Payments Corporation of India invented the instant real-time payment system known as UPI (NPCI). The interface makes it possible to conduct P2P and P2M transactions between banks. It allows for the immediate transfer of money between two bank accounts using mobile devices. The device must be registered with the bank using the mobile number on it. The recipient’s UPI ID can be used to send funds. It utilizes IMPS as its foundation and is governed by the Reserve Bank of India as an open-source application programming interface (API) (RBI).Â
358 banks were available on the platform as of February 2022, with a monthly volume of 6.7 billion transactions totaling 11.16 lakh crore (US$140 billion). Visitors to Europe will be able to use UPI to make payments because Worldline and NPCI International Payments Ltd. have partnered to provide European payment services. Due to cooperation between the NPCI International Payments Ltd (NIPL) and European payment services facilitator Worldline, travelers to Europe will be able to make payments using UPI.
The National Payments Corporation of India’s international division is called NIPL (NPCI). According to a Tuesday joint press release, the alliance between NIPL and Worldline aims to increase the adoption of Indian payment methods throughout Europe. The cooperation will enable merchants’ Point-of-Sale (PoS) systems in Europe to accept UPI payments from Indians using their mobile phones thanks to Worldline’s QR code-based technology.Â
https://tdznkwjt9mxt6p1p8657.cleaver.live/strongworlds-first-smart-calculator-from-indian/
Later, customers from India will also be able to pay with their RuPay debit or credit cards in Europe. Due to an increase in foot traffic and expenditure from Indian tourists, this will result in a variety of customer-related merchant benefits, according to NPCI and Worldline’s announcement. Currently, when Indian clients travel abroad, they pay using foreign card networks. The total number of UPI transactions in 2021 was 38.74 billion, with a value of USD 954.58 billion.
In terms of actual cards, NPCI has so far distributed 714 million locally manufactured RuPay cards. According to NIPL, it will concentrate on markets like Switzerland and BENELUX (Belgium, the Netherlands, and Luxembourg). With the introduction of Worldline QR in more European nations, it will grow even more. “Our examination of the payment habits of overseas clients revealed a recent shift away from international card schemes and a preference for any mobile payment method they are accustomed to. Marc-Henri Desportes, Deputy CEO of Worldline, stated that “our relationship with NPCI International intends to minimize the danger of banning or prohibiting Indian clients from successfully using electronic payments in the EU.”
Due to an increase in remittances to India, NIPL and Western Union will integrate UPI to make it simpler for Indians living abroad to send and receive money. The service will start offering its services in the second quarter of 2022. UPI ID will be used by IndusInd Bank and Thailand-based financial service provider DeeMoney to confirm Indian consumers for international transactions. This is a component of the NPCI’s money transfer operator (MTO) partners program. To expand UPI’s acceptance internationally, IndusInd Bank intends to work with more foreign organizations. On January 27, 2022, NIPL and Terra Payment Services of the Netherlands signed a Memorandum of Understanding to enable UPI users to receive international payments in real-time.
According to Ritesh Shukla, CEO of NIPL, the agreement will give the business access to a cutting-edge and broadly useful solution, as well as good coverage of the European markets. “We are interested in seeing UPI-powered apps and RuPay cards accepted across all of Europe because we anticipate that Indians will be more mobile there in the years to come. We hope that by working together, Indian consumers would be able to continue utilizing their chosen payment methods while visiting Europe “said Shukla. The site has more than 10 crores (100 million), active users, in India as of May 2021. With an average transaction value of 1,849), UPI transactions increased from 23% of the entire volume of digital transactions in 2018–19 to 55% in 2020–21. In January 2022, the platform saw digital transactions of 8.31 lakh crore. The value of transactions surpassed $1 trillion in FY 2021–2022Â
