Which Nations Are You Going To Be Able To Use The UPI Payment System In?
Through the use of UPI technology, funds can be transferred instantly between P2P or P2M bank accounts. Real-time payments are absent in the majority of Western nations, which only accept card payments. And that’s where the National Payments Corporation of India (NPCI) subsidiary is hedging heavily.
The UPI App will guide you through the checkout process safely from a merchant outlet if you happen to be traveling to the UK, the UAE, or the neighboring country of Bhutan. Your checkout experience at merchant outlets will be as fluid as scan and go.
Through the use of UPI technology, funds can be transferred instantly between P2P or P2M bank accounts. Real-time payments are absent in the majority of Western nations, which only accept card payments. And that’s where the National Payments Corporation of India (NPCI) subsidiary is hedging heavily.
In order to introduce India’s domestic card program (RuPay) and mobile payment solution (UPI) in foreign markets, NIPL was established as a wholly-owned subsidiary of NPCI two years ago. NIPL is assisting nations in establishing P2P, P2M, and cross-border payment ecosystems.
The central bank of Bhutan struck an agreement with the global subsidiary of NPCI in July 2017 to allow the use of the BHIM App, which is powered by UPI. Bhutan would be the first country to use QR using UPI standards. In order to make the UPI-based QR code solutions available in the UK on all PayXpert’s Android POS devices for in-store payments, NIPL and PayXpert inked an MoU in August.
Mashreq Bank, which uses QR codes in the UAE, has also enabled UPI acceptance. Through NEOPAY, the payment division of Mashreq Bank, Indian travelers and tourists in the UAE can now make payments through BHIM UPI at 10,000 shops and merchant businesses. In November, NIPL partnered with Network International, the largest merchant acquirer in the UAE, to assist Indian tourists visiting the country by enabling them to make payments conveniently through UPI-based mobile applications at retail merchant partners like jewelers, supermarkets, and duty-free shops.
Five Southeast Asian powerhouses—Malaysia, Singapore, Indonesia, Thailand, and the Philippines—will sign a pact before the end of the year to unite their various QR code payment systems. This will open up the area to merchant payments made with QR codes.
Remittances are the other significant component of UPI expansion. With more than $80 billion in annual remittances received and $20 billion sent overseas, India is one of the leading recipients of these transfers. Banks, money transfer operators (MTOs), and foreign currency traders control the majority of the remittance sector. Market research estimate that 32 million Indians reside outside of their country.
News Mania Desk
