The indigenously developed real-time payments solution UPI will foray into the UK market starting with QR code-based transaction. This will ease the global digital transactions for Indian flyers to UK.
The NCPI international payments ltd (NIPL) has forged a partnership payments solutions with payment solutions provider Payxpert to internationalise the acceptance of its payment solutions in the UK.
NIPL is the maximum owned subsidiary of National Payments Corporation of India (NCPI) which developed the world’s largest real-time payment solution to the Unified Payments Interface (UPI) and the RuPay scheme.
We expect UPI to evolve as a key to decentralization of payment platforms in the international market. It would be interesting to see its adoption on a global scale in some form.
Over the next few months, we will continue to follow these initiatives, share insights, and report on the UPI landscape and implications for consumers, economies, and businesses alike.
India’s UPI system is notably more advanced than the payment systems available elsewhere in the world. According to ACI Worldwide, India accounted for the most real-time transactions in 2021 (48.6 billion). This was 6.5 times the transaction volumes for the USA, Canada, the UK, France, and Germany combined, and it is over three times that of China, which is second in the list.
The current Indian Prime Minister, in his speech at Digital India Week 2022, stressed UPI going beyond Indian borders, making this topic even more intriguing. You can watch the speech here.
