RuPay Card & UPI will accept in European countries partnership with Worldline

[Abhishek012]

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.

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.

Ritesh Shukla, CEO of NIPL (left) and Marc-Henri Desportes, Deputy CEO of Worldline (right)

Official Source - https://worldline.com/en/home/pressroom/press-releases/2022/pr-2022_10_11_01.html

 

[hike]

With this move we are one more step towards dedollarisation.

 

[iDJ]

With this move we are one more step towards dedollarisation.

How?

 

[Abhishek012]

How?

RuPay Card/UPI use Indian currency for International payment but Visa/Mastercard/Amex/Diners Club use American Dollar for International payment.

International banks and central banks of other countries open bank accounts in India. When we swipe our RuPay Card/UPI QR on any International merchant, International banks get Indian Rupees in their Indian bank accounts and International banks deposit their local currency to the merchant.

Now other countries use this Indian Rupee to do trade with India.

 

[hike]

RuPay Card/UPI use Indian currency for International payment but Visa/Mastercard/Amex/Diners Club use American Dollar for International payment.

International banks and central banks of other countries open bank accounts in India. When we swipe our RuPay Card/UPI QR on any International merchant, International banks get Indian Rupees in their Indian bank accounts and International banks deposit their local currency to the merchant.

Now other countries use this Indian Rupee to do trade with India.

Also 30+ countries are in talk with to accept RuPay and NPCI payment system including UPI.

 

[Kuttusan]

RuPay Card/UPI use Indian currency for International payment but Visa/Mastercard/Amex/Diners Club use American Dollar for International payment.

International banks and central banks of other countries open bank accounts in India. When we swipe our RuPay Card/UPI QR on any International merchant, International banks get Indian Rupees in their Indian bank accounts and International banks deposit their local currency to the merchant.

Now other countries use this Indian Rupee to do trade with India.

What if I used a Rupay card in discover/jcb/dinersclub supported ATM/online payment gateway but no support for rupay directly how will it process? Is it in USD or INR?

 

[Abhishek012]

What if I used a Rupay card in discover/jcb/dinersclub supported ATM/online payment gateway but no support for rupay directly how will it process? Is it in USD or INR?

Discover/Diners club network - USD.

JCB network - USD or also possible Japanese Yen currency (its also possible that we (India) paid in USD to JCB (Japan) but the actual transaction settle in Japanese Yen currency).

 

[Kuttusan]

Discover/Diners club network - USD.

JCB network - USD or also possible Japanese Yen currency (its also possible that we (India) paid in USD to JCB (Japan) but the actual transaction settle in Japanese Yen currency).

So no de-dollarisation for 90% of the int'l transactions

 

[Abhishek012]

So no de-dollarisation for 90% of the int'l transactions

If we start de-dollarisation work today then it will be completed after 20-30 years.