Tag: rupay

UPI Services Roll Out in Sri Lanka, Mauritius: Details

India’s Unified Payment Interface (UPI) services were on Monday rolled out in Sri Lanka and Mauritius, with Prime Minister Narendra Modi describing it as linking historic ties with modern digital technology.

India’s RuPay card services were also launched in Mauritius at a virtual ceremony attended by Prime Minister Modi, his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe.

In his remarks, Modi hoped the new fintech services would help the two nations and said the UPI is implementing “new responsibilities of uniting partners with India”.

“Today is a special day for the three friendly countries of the Indian Ocean Region as we are linking our historic ties with modern digital technology,” he said.

“I believe that Sri Lanka and Mauritius will benefit from the UPI system,” Modi said.

The prime minister said digital public infrastructure has brought about a revolutionary change in India. He also highlighted India’s focus on its “neighbourhood first policy”.

“Be it a natural disaster, health-related, economic or supporting on the international stage, India has been the first responder, and will continue to be so,” he said.

The launch of the Indian services in Sri Lanka and Mauritius came amid New Delhi’s increasing bilateral economic ties with the two countries.

The move enables the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India.

Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online.

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Google Pay Rolls Out UPI Payments Support for RuPay Card Holders of These Banks: Details

Tapping into the growing popularity of Unified Payments Interface (UPI), Google Pay in conjunction with the National Payments Corporation of India (NPCI) on Tuesday announced the capability for users to make UPI payments with RuPay credit cards. 

With this development, users can link their RuPay credit cards with Google Pay to seamlessly pay at all online and offline merchants where RuPay credit cards are accepted.  

This feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda, Canara Bank, HDFC bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank of India. More banks will follow suit shortly. 

To activate, users need to add the RuPay credit card to Google Pay. Users can tap on the “RuPay credit card on UPI” option in their profile and select the bank which issued their RuPay credit card. 

Thereafter, users will need to set a unique UPI PIN by entering the last six digits of the card number and expiry, and then entering the OTP from their bank. The statement from Google said users are ready to pay merchants on UPI with their RuPay credit card. “They will enter the set UPI PIN, the same way they do for other UPI transactions,” it added. 

Sharath Bulusu, Director of Product Management from Google, said, “Google Pay is a partner to India’s financial ecosystem — enabling millions of users to safely and conveniently make digital payments every day… This feature will give Google Pay users more flexibility and choice in making payments, and will drive greater adoption of digital payments in the country.” 

Nalin Bansal, Chief Relationship Management and Key Initiatives, Corporate Business from NPCI, said, “The integration of RuPay Credit Card on UPI delivers a remarkable user experience seamlessly combining the convenience of UPI with the benefits of RuPay Credit Card.” 

Bansal said, “We believe this service will mature to provide access to digital credit on demand and consumers will be able to make payments by taking benefit of the inherent security and availability of UPI network across both offline and online platforms.”  

In recent years, India has witnessed a huge rise in the number of transactions made through UPI. NPCI reported a massive jump in monthly transaction count as the UPI transactions touched 8.7 billion in March 2023. To further bolster growth of digital payments in the country, the Reserve Bank of India (RBI) allowed linking of RuPay credit cards to the UPI platform in June 2022. 

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NPCI Partners With Worldline to Bring UPI, RuPay Services Across Europe: All Details

Global payments services provider Worldline has joined 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 here 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 on Tuesday.

This is expected to result in a multitude of customer-related merchant benefits due to an increase in footfall and spending from Indian tourists.

Currently, customers from India pay through international card networks.

However, the hugely popular UPI allows multiple bank accounts to be accessed through one single mobile application, which in turn, will enhance customer experience whilst opening up new business prospects for merchants, the joint statement said.

“Facilitated 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,” it added.

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. Now, as the impacts of COVID-19 begin to subside, that number, it said, is expected to significantly increase.

“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,” said Marc-Henri Desportes, Deputy CEO of Worldline in the statement.

NPCI’s UPI platform recorded 38.74 billion transactions, worth $954.58 billion (roughly Rs. 78,52,900 crore), making it the best-performing real-time payment ecosystem in the world. Similarly, 714 million RuPay cards have been issued to date, clocking over 1.3 billion transactions.

“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,” said Ritesh Shukla, CEO of NPCI International Payments in the statement.

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