Earlier this year, NPCI and UAE-based Mashreq Bank's NOPay entered into a partnership to enable tourists and expatriates with Indian bank accounts to make UPI payments at shops, retail establishments and other merchants in Gulf countries. Gave the permission to.
Globally, UPI is accepted in Bhutan and Nepal. In addition, in Singapore, a project to link UPI to the city-state's instant payment system PayNow is being undertaken by the RBI and the Monetary Authority of Singapore.
Indian travelers to Europe will soon be able to make payments from their Indian bank accounts using the Unified Payments Interface (UPI), the international arm of the National Payments Corporation of India (NPCI) has tied up with payments service operator Worldline.
How will users be able to pay in Europe using UPI?
It will be mandatory for users to have an Indian bank account with UPI active on their accounts. Users will also need an app to make UPI payments like the BHIM app. The service will be available at point-of-sale terminals deployed by Worldline. Along with UPI, NPCI's card network RuPay will also be accepted. UPI will be facilitated through QR code. However, it is worth mentioning that the payments made by customers using UPI will be charged in the local currency and not in INR. This will attract currency conversion charges levied by banks, as is the case with card payments.
Will UPI be accepted everywhere in Europe?
In a statement, NPCI and Worldline said: "The acceptance of all QR-based payments facilitated through the company's universal product Worldline QR, the first target market for NIPL (NPCI International Payments Limited) is Benelux (Belgium, The Netherlands, Luxembourg) and Switzerland, as Worldline QR is rolled out to more European countries.
Does NPCI have other such international arrangements?
Earlier this year, NPCI and UAE-based Mashreq Bank's NOPay entered into a partnership to enable tourists and expatriates with Indian bank accounts to make UPI payments at shops, retail establishments and other merchants in Gulf countries. Gave the permission to. In addition, NIPL, the international arm of NPCI, has entered into several other arrangements with international financial service providers for its products, including UPI and RuPay cards. Globally, UPI is accepted in Bhutan and Nepal. In addition, in Singapore, a project to link UPI to the city-state's instant payment system PayNow is being undertaken by the RBI and the Monetary Authority of Singapore.
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