Rupee Will Soon Be Acceptable In European Countries: Finance Minister
October 13, 2022: New Delhi: Union Finance Minister Nirmala Sitharaman on Wednesday said that India is already in talks with various countries to make RuPay acceptable in their countries.
Union Finance Minister Nirmala Sitharaman on Wednesday said that India is already in talks with various countries to make RuPay acceptable in their countries. The Finance Minister said that Singapore and UAE have all come forward to make RuPay acceptable in their countries.
In a new initiative, global payment service provider Worldline has joined hands with NPCI International Payments to expand the acceptance of Indian payment instruments across Europe.
NPCI, Worldline Partnership
The National Payments Corporation of India (NPCI), the main force behind digital payments in India, has an overseas division called NPCI International Payments.
As part of the partnership for businesses Worldline will bring more convenience to Indian customers in 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.
It is expected that this will greatly benefit the merchants of Europe concerned with the customers due to the increase in the number and expenditure of the Indian tourists. Currently, customers in India pay through international card networks.
However, UPI allows access to multiple bank accounts and businesses through a single mobile application, which in turn will enhance the customer experience while opening up new business possibilities for merchants, sellers, and vendors around the world wide joint statement said.
India is one of the most important tourism markets for Europe in the globel market, with an estimated 10 million Indians traveling to the region every year before the pandemic, the statement said, quoting Schengen visas. Now, as the impact of COVID-19 begins to subside, this number is expected to increase significantly.
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