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The collaboration will see Worldline become the first EU acquirer to accept Unified Payments Interface (UPI) and RuPay cards, two products of the National Payments Company of India (NPCI), on behalf of European merchants.
NCPI has continued to expand its global reach with a new deal with European payments giant, Worldline.
This deal will allow merchants in parts of the EU to be able to accept payments from Indian tourists through UPI and RuPay platforms at the point of sale (POS).
UPI is the world’s largest instant payments platform based on number of transactions according to VIXIO analysis, processing 6.6 bn transactions in August alone, amounting to 10.7 tn rupees ($130 bn). RuPay is the country’s domestic card network.
Facilitated via Worldline QR, the company’s universal product for the acceptance of all QR-based payments, the first markets to go live for NCPI’s international wing will be Benelux countries and Switzerland.
Plans for further expansion are expected as Worldline QR is rolled out in more European countries.
The Worldline deal comes shortly after NPCI International Payments Ltd (NIPL) unveiled a partnership with payments solutions provider PayXpert to internationalise the acceptance of UPI and RuPay in the U.K.
This expansion is part of the global ambition of NCPI to increase merchant acceptance of its payments solutions to support Indian travellers. It has already expanded to neighbouring countries such as Bhutan and Nepal, as well as the likes of Singapore and UAE.
India is one of the most important tourist markets for the EU, with an estimated 10 million Indians travelling to the region each year prior to the pandemic, according to the press release.
And now, as the impacts of COVID-19 begin to subside, that number is expected to significantly increase.
The move is also significant in that it offers an alternative solution for travellers from the international card schemes, which have traditionally been relied upon for facilitating payments for tourists.
UPI has long been viewed as a serious competitor to Visa and Mastercard domestically, considering the fact that it bypasses the card schemes.
In Europe meanwhile, Worldline as well as operating a domestic card scheme in Belgium, has also promoted competitive alternatives to Visa and Mastercard having taken a stake in the European Payments Initiative (EPI). However, with no launch date in sight and a loss backers, EPI has an uphill battle to replicate the success of UPI in India.
“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,” said Marc-Henri Desportes, deputy chief executive at Wordline.
“Our partnership with NPCI International seeks to mitigate the risk of excluding or limiting Indian customers from safely using electronic payments in the EU.”
In Worldline, UPI has found a partner that provides good coverage of the European markets as well as an advanced and universally applicable solution, said Ritesh Shukla, Worldline’s chief executive.
“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,” he said.
“We believe this partnership will empower Indian consumers to continue using their preferred payment modes as they travel across Europe.”
