The Indian national will soon find it easy to make payments through UPI (United Payments Interface) in Europe. NPCI International Payments Ltd (NIPL), a global arm of NPCI has entered into a partnership with European payment services facilitator, Worldline to facilitate the Indian digital payment mode in Europe.
Ritesh Shukla, CEO of NIPL, said the partnership will provide the company an opportunity with good coverage of the European markets as well as an advanced and universally applicable solution.
Currently, customers from India pay through international card networks. Later on, Indian customers will also be able to use their Rupay debit or credit cards to make payments in Europe. However, UPI allows multiple bank accounts to be accessed through one single mobile application. This, in turn, will enhance customer experience whilst opening up new business prospects for merchants.
This will result in a multitude of customer-related merchant benefits due to an increase in footfall and spending from Indian tourists, NPCI and Worldline said in the release.
In 2021, UPI transactions stood at 38.74 billion and the value was USD 954.58 billion. On the physical cards front, the National Payment Corporation of India (NPCI) has issued 714 million indigenously-developed RuPay cards till date.
NIPL said it will target markets such as BENELUX — Belgium, the Netherlands, and Luxembourg– and Switzerland. It will expand further with the rollout of Worldline QR in more European countries.
According to Worldline Deputy CEO Marc-Henri Desportes, the partnership with NPCI’s international arm “seeks to mitigate the risk of excluding or limiting Indian customers from safely using electronic payments in the EU”.