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 the National Payments Corporation of India (NPCI), a wholly-owned subsidiary of NIPL.
"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," NPCI said in a release on Thursday.
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 crores (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. NPCI said over 5 lakh Indians, including over 1 lakh students, travel to the UK every year. It said this number is expected to grow exponentially over the next few years. The partnership will provide Indian travellers with a familiar and convenient way to make payments in the UK.
According to NPCI, the UPI and RuPay payment methods are expected to help both customers and merchants in the UK while boosting trade in the retail, hospitality, and tourism sectors.
"With this development, Indians travelling to the UK will be able to enjoy the benefits of UPI's payments platform through PayXpert's POS devices. This collaboration is an important milestone for us and we plan on augmenting the facility of RuPay card payments in the near future," Anubhav Sharma, Head of International Business - Partnership, Business Development & Marketing, NPCI International, said.
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.