NPCI International (NIPL), the global division of the National Payments Corporation of India (NPCI), has joined forces with PPRO, a UK-based e-payments infrastructure provider, to facilitate the acceptance of UPI (Unified Payment Interface) into the realm of global eCommerce.
This collaboration will expand PPRO’s Local Payment Method (LPM) coverage map to include India. It will allow PPRO’s international clients, including payment service providers (PSPs) and global merchant acquirers, to accept RuPay card and UPI payments. Through this strategic alliance, various entities involved in payment processing, such as payment service providers, banks, and payment gateways, will be empowered to cater to international eCommerce merchants targeting Indian consumers.
Furthermore, NIPL signed an MoU with PayXpert to accept payment solutions in the UK. PayXpert, a well know fintech in the UK, has over 650 clients in the UK, Spain, France, and Taiwan and supports over 25 payment methods and 100 different currencies. The partnership aims to bring Indian payment solutions to the United Kingdom, enabling their usage on PayXpert’s Android point-of-sale (POS) devices for in-store transactions. The company plans to provide QR code payment options through the Unified Payments Interface (UPI) and also intends to incorporate RuPay card payments in the future.
The UK sees half a million Indian travellers annually, of which around 100,000 are students. These numbers are expected to surge in the future. The collaboration between NPCI and UK Fintech is a strategic move aimed at facilitating Indian travellers to seamlessly perform transactions in the European nation.
David Armstrong, managing director of PayXpert, said PayXpert could enhance its range of global payment solutions on its POS devices by incorporating the UPI and RuPay payment schemes. It will not only expand its prospects in the UK but also bolster the effectiveness of its merchant solutions.
NPCI has also entered into similar agreements to promote UPI acceptance in other countries, such as France, the United Arab Emirates (UAE), Singapore, and Nepal.
Taking UPI to the global stage
India’s ambition to make UPI payments a universally used and accepted mode of payment extends beyond its borders. UPI payments saw mammoth success and adaptability in India because of its simplicity, security, and compatibility, having processed over 39 billion transactions worth $940 billion in 2021, equivalent to 31% of India’s GDP! Also, with over 5.58 billion, amounting to Rs 9.83 trillion, in April 2022. In March 2023, (UPI) recorded 8.7 billion transactions, the most ever in its history.
Make every transaction count! – Choose Paytm and enjoy endless benefits.
In January 2022, Nepal became the first country to adopt India’s UPI payments system, marking a significant milestone in UPI’s global expansion. Furthermore, NPCI’s international division has collaborated with various European countries, including Belgium, Netherlands, Luxembourg, and Switzerland, to facilitate UPI payments in these regions.
The NPCI is also enabling Non-Resident Indians (NRIs) to use UPI payments. NRIs from Australia, Singapore, Hong Kong, Canada, Qatar, Oman, Saudi Arabia, UAE, USA, United Kingdom should be able to do so with their international numbers.
Conclusion
The UPI has brought about a significant transformation in the way Indians make digital payments. With the success of UPI, the National Payments Corporation of India (NPCI) is now eyeing to expand its operations globally and replicate the success of UPI in other countries. The NPCI has also already formed strategic partnerships with several countries, including Nepal and the UK, to promote the adoption of UPI-based digital payments. As the world becomes more digital, UPI’s expansion is set to revolutionise the global payments landscape and transform the way people transact across the world.
