Global payments services provider Worldline has join hands with NPCI International Payments in a move to expand the acceptance of Indian payment means across Europe. NPCI International Payments is the international arm of the National Payments Corporation of India (NPCI) which is the driver of digital payments in India.
As part of the partnership, Worldline will bring more convenience for Indian customers in the European markets by allowing merchants’ point-of-sale (POS) systems to accept payments from UPI, as well as RuPay, NPCI’s proprietary card payment network solution, a joint statement by the two entities said.
This is expect to result in a multitude of customer-relate merchant benefits due to an increase in footfall and spending from Indian tourists.
Customers from India pay through international card networks.
The popular UPI allows multiple bank accounts to be access through one single mobile application, which in turn, will enhance customer experience whilst opening up new business prospects for merchants, the joint statement said.
As per statement :
“Facilitate via Worldline QR, the company’s universal product for the acceptance of all QR-based payments, the first target markets for NIPL are set to include BENELUX and Switzerland with further plans for expansion, as Worldline QR is rolled out in more European countries,”.
India is one of the most important tourist markets for Europe with an estimated 10 million Indians travelling to the region each year prior to the pandemic, the statement said quoting Schengen Visa.
As the impacts of COVID-19 begin to subside, that number, it said, is expect to significantly increase.
Marc-Henri Desportes, Deputy CEO of Worldline in the statement Said :
“Our analyses of international customers’ payment behaviour have indicated a push away from international card schemes in recent times, and a preference for any mobile payment method they are acquainted with. Our partnership with NPCI International seeks to mitigate the risk of excluding or limiting Indian customers from safely using electronic payments in the EU,”.
NPCI’s UPI platform record 38.74 billion transactions, worth $954.58 billion (approx. Rs. 78,52,900 crore), making it the best-performing real-time payment ecosystem in the world.
Similarly, 714 million RuPay cards have issue to date, clocking over 1.3 billion transactions.
Ritesh Shukla, CEO of NPCI International Payments in the statement Said :
“In Worldline, we found a partner that provides us with good coverage of the European markets as well as an advanced and universally applicable solution. The roll-out 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,”.
Singapore and UAE Express Interest in Accepting RuPay Payments System : Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman said that Singapore and UAE have shown interest to make the RuPay payment system acceptable in their countries.
Nirmala Sitharaman also said that India is holding consultations with different countries to make RuPay acceptable in their nations.
Nirmala Sitharaman said at the Brookings Institute think-tank during a fireside conversation with eminent economist Eshwar Prasad.
“We are talking to different countries. Singapore and UAE have all come forward now to make RuPay acceptable in their countries,”.
“Not just that, the UPI (Unified Payments Interface), the BHIM app, and NCPI (the National Payments Corporation of India) are all now being work in such a way that their systems in their respective country, however, robust or otherwise can talk to our system and the inter-operability itself will give strength for Indians expertise in those countries,”.
While, Nirmala Sitharaman ask develop nations to take responsibility for the global spillover cause by policy decisions taken by them.
Nirmala Sitharaman said in her written remarks hit out at the develop countries for imposing sanctions on nations who are merely fulfilling their moral and democratic obligations to their people.
Nirmala Sitharaman Said :
“International cooperation is needed more than ever is to state the obvious. In the near-term, advanced nations must take responsibility for the global spillover of their political and economic policy decisions and put in place safety nets rather than impose sanctions on nations who are merely fulfilling their moral and democratic obligations for their people,”
These comments come as India continues to be the fastest-growing major economy in the world.
In its July 2022 report, the IMF had peg India’s GDP growth for 2022 at 7.4%.
The IMF’s latest projection on India’s GDP growth is lower than the 7% growth pegged by the Reserve Bank of India (RBI) for the financial year 2022-23.
Despite the slowdown, India would remain the fastest-growing major economy.
As India prepares to accept the Presidency of the G-20 grouping of nations, Nirmala Sitharaman said :
“India is ready to do whatever it can to facilitate dialogue, discussions and decisions on these critical issues.”
During her address, she pointed out many factors that underpin India’s growth story, including digitisation and financial inclusion, strengthening the MSME and improvement in the quality of government spending with an emphasis on capital expenditure and targeted social security support for the needy.
Explaining India’s growth story, the finance minister said :
“India as a developing nation has always stood ahead for the growth of the global commons.”
“India’s commitment to multilateralism is evident by the initiatives we have taken to supply vaccines to over 100 nations, provide disaster relief to those in distress, and partner with other countries, with a focus on green growth, better connectivity, digital delivery and accessible health,”.
Nirmala Sitharaman is on an official visit to the US. During her visit, she will be attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings.
The Finance Minister Nirmala Sitharaman will take part in bilateral meetings with many countries, including Japan, South Korea, Saudi Arabia, Australia, Bhutan, New Zealand, Egypt, Germany, Mauritius, UAE, Iran and Netherlands.
Nirmala Sitharaman will also hold one-on-one meetings with leaders & heads of OECD, the European Commission and UNDP.
Finance Minister Nirmala Sitharaman will meet US Treasury Secretary Janet Yellen and David Malpass, President, World Bank separately to discuss issues of mutual interest.
During the later part of the visit, the Union Finance Minister will attend roundtable meetings with USIBC and USISPF on themes to ‘Strengthen Investment and Innovation in India-US Corridor’ and “Investing in India’s Digital Revolution”.
These meetings with leading business leaders and investors are aim at highlighting India’s policy priorities and deliberate on measures to facilitate foreign investment by showcasing India’s attractiveness as an investment destination.
