India’s NPCI Signs MoU with UK’s PayXpert
National Payments Corporation of India (NPCI), which is the world’s largest real-time payment solution, the Unified Payments Interface, and the RuPay card scheme has signed an MoU through their subsidiary corporation NPCI International Payments Limited (NIPL), with the PayXpert, the payment solutions to establish and internationalize the acceptance of its payment solutions in the UK.
The collaboration between NIPL and PayXpert will promote Indian payment solutions on the PayXpert in the UK. The payment method will be available on PayXpert’s Android point-of-sale (POS) devices for in-store payments, along with the availability of UPI-based QR code payments and RuPay card payments.
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- Unified Payments Interface or UPI is the most successful real-time payment method.
- In India, UPI has been a simple, safe, secure, and time-saving payment method.
- In 2021, UPI has achieved a volume of US $940 Bn, which is equal to 31% of GDP in India.
- RuPay card scheme is a first-of-its-kind global card payment scheme with over 700 million cards issued from India.
- The collaboration of PayXpert and NIPL, will help the people traveling from India to the UK, to use familiar payment methods which will be convenient for them.