2022-10-12T10:08:52+05:30
Union Finance Minister Nirmala Sitharaman speaks to scholars of The Brookings Institution in Washington. (Photo credit: PTI)
New Delhi: India is in discussions with multiple countries on making Rupay acceptable in their nations, Union Finance Minister Nirmala Sitharaman said on Tuesday.
“Not just that, the UPI (Unified Payments Interface), the BHIM app, and NPCI (the National Payments Corporation of India) are all now being worked 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,” she said.
“We are working together with several countries,” Sitharaman said in response to a question from an Indian student at the University of Maryland, who wanted to have the UPI in the US as well.
Sitharaman made the remarks at the prestigious Brookings Institute think-tank during a fireside chat with eminent economist Eshwar Prasad.
“I’m a student at the University of Maryland here. I am really proud of our UPI system in India. I just wanted to ask, what do you think are the future plans for the UPI system and how can we share it with the world? Specifically in the US, that’s what I miss the most about India not having a UPI system in the US,” the Indian student asked.
“We are talking to different countries. Singapore and UAE have all come forward now to make Rupay acceptable in their countries,” Sitharaman said.
Meanwhile, global payments company Worldline has agreed to accept Indian payments means across Europe, the National Payments Corporation of India said in a statement.
The agreement was signed between International Payments and Worldline.
“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, an instant real-time payment system, as well as RuPay, NPCI’s proprietary card payment network solution,” NPCI said.
The partnership will first start Indian payments offerings in Benelux and Switzerland. Benelux denotes Belgium, the Netherlands, and Luxembourg.
The move comes ahead of an expected expansion in Indian tourist footfalls to Europe as COVID-19 strictures are eased, with nearly 10 million Indians travelling to the region on an annual basis prior to the pandemic.
” The rollout 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,” said Ritesh Shukla, CEO, NPCI International Payments.
“Our partnership with NPCI International seeks to mitigate the risk of excluding or limiting Indian customers from safely using electronic payments in the EU,” said Marc-Henri Desportes, Deputy CEO of Worldline.
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