NPCI International Payments Ltd (NIPL) the global arm of National Payments Corporation of India (NPCI) has partnered with European payment service facilitator Worldline to allow Indian travellers to make payments directly from their Indian bank accounts using Unified Payments Interface (UPI) according to a press release issued on Tuesday.
The partnership will allow merchants Point-of-sale (PoS) systems in Europe to accept UPI payments from Indian users through Worldline's QR code-based mechanism. RuPay debit and credit cards will also be accepted in Europe. The first target markets for NIPL are set to include BENELUX (Belgium, the Netherlands, Luxembourg) and Switzerland with further plans for expansion, as Worldline QR is rolled out in more European countries, said the press release.
As of now Indian customers use international card networks to make payment when they are traveling overseas. With the availability of easier payment options, NPCI and Worldline are expecting that there will be an increase in footfall and spending from Indian tourists.
Ritesh Shukla, CEO of NIPL said, "The rollout of acceptance of UPI-powered apps and RuPay cards across Europe is important to us, as we expect increased mobility of Indians in the continent in the coming years. We believe this partnership will empower Indian consumers to continue using their preferred payment modes as they travel across Europe."
The users will need to have an Indian account with an active UPI and they will have to download an app to make UPI payments like they do in India. The payments will be done by QR code that will be available at point-of-sale terminals deployed by Worldline.
Before you start using the payment it is important to know that you will be charged local currency and not INR. For this a currency conversion charge will be charged by the banks as it is in case of card payments.
Earlier this year, NPCI partnered with UAE-based Mashreq Bank’s NEOPAY to allow Indian tourists and migrants Indian bank accounts to be able to make UPI payments at shops, retail establishments and other merchants in UAE. Globally, UPI is accepted in Bhutan and Nepal. The Reserve Bank of India and the Monetary Authority of Singapore are also working on a project in Singapore to link UPI with the city-state’s instant payment system PayNow.
