Indians to be able to pay in Europe using UPI soon

Pay in Europe using UPI soon: NPCI International Payments Ltd (NIPL) and European payment services provider Worldline established a corporation due to which Indians will soon be able to make payments through UPI (United Payments Interface) across Europe. The National Payments Corporation of India (NPCI)’s international division is called NIPL .

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Pay in Europe using UPI soon: Key Points

• The aim of the collaboration between NIPL and Worldline is to increase the adoption of Indian payment methods in Europe.
• Worldline will increase convenience for Indian clients in the European markets as part of the cooperation by enabling point-of-sale (POS) systems at businesses to accept payments from UPI (United Payments Interface).
• Later, customers from India will also be able to pay with their RuPay debit or credit cards in Europe.
• Indian clients currently use international card networks to make payments.
• UPI enables access to various bank accounts via a single mobile application.
• This will ultimately improve customer experience while providing new business opportunities for retailers.
• 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.
• 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.

UPI transactions history in past year:

• The total number of UPI (United Payments Interface) 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.

Important Takeaways for All Competitive Exams:

• CEO of Worldline: Gilles Grapinet
• Deputy CEO of Worldline: Marc-Henri Desportes
• CEO of NIPL: Ritesh Shukla