Worldline, a global payment services company, has joined hands with NPCI International Payments in an effort to improve the acceptance of Indian payment means across Europe. NPCI International Payments is the international branch of the National Payments Corporation of India (NPCI), which is responsible for the development of digital payments here in India.
Worldline will offer Indian customers greater access to merchants'' point-of-sale (POS) systems as well as RuPay''s proprietary card payment network solution, according to a statement from the two companies on Tuesday.
Customers from India pay through international card networks.
According to the combined statement, the hugely popular UPI allows multiple bank accounts to be accessed via a single mobile application, which in turn will increase customer experience while opening up new business prospects for merchants.
"Facilitated by Worldline QR, the company''s universal platform for accepting all QR-based payments, the first target markets for NIPL are set to include BENELUX and Switzerland with further expansion plans, as Worldline QR is launched in more European countries. "
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India is one of Europe''s most important tourist destinations, with an estimated ten million Indians coming to the region every year prior to the epidemic, according to reports. But now, the number of COVID-19, it said, is expected to increase substantially.
"Our investigations of international customers'' payment patterns have indicated a push away from international card schemes in recent times, as well as a preference for any mobile payment method they are acquainted with. "Our partnership with NPCI International has been designed to mitigate the possibility of exclude or limit Indian customers from safe using electronic payments in the European Union," said Marc-Henri Desportes, the Deputy CEO of Worldline.
The UPI platform, led by NPCI, was recorded with 38.74 billion transactions, valued at $954.58 billion (roughly Rs. 78,52,900 crore) and is the world''s highest-performing real-time payment ecosystem. On the other hand, 714 million RuPay cards have been issued up to date, totaling over 1.3 billion transactions.
"In Worldline, we found a partner that provides us with an excellent coverage of the European markets as well as a fully universally applicable solution. We believe that this partnership will enable Indian consumers to continue using their preferred payment methods as they travel across Europe," said Ritesh Shukla, CEO of NPCI International Payments.