Tag Archives: UPI

IATA, Outpayce partner for UPI payments for airlines

Philippine Airlines becomes first carrier to implement solution

Recent regulations in many markets make it possible for merchants to accept payment from consumers using direct, account-to-account transfers. As airlines seek to best meet the needs of travellers and reduce the overall cost of payments, account-to-account payments are becoming very popular, and they represent a new option for travellers to pay for air tickets.

As a result, IATA and Outpayce are partnering so airlines can now accept payments made with IATA Pay through Outpayce’s Xchange Payments Platform (XPP).

IATA Pay is an alternative account-to-account form of payment for travellers to pay for air tickets purchased online by directly debiting their bank account.

It leverages the new account-to-account rails and regulations developed by countries around the world such as India (UPI), the Netherlands (Ideal), Brazil (PIX) or Philippines (QR Ph). Currently available in over 30 countries, IATA Pay improves the speed and security of payments, while reducing payment acceptance costs.

When a traveller reaches checkout on an airline’s website the new account-to-account payment service allows them to select their bank or scan a QR code depending on the country. IATA uses the payment and bank details or the QR code’s approval to request a transfer from the passenger’s account and the funds are transferred using the banking rails. IATA settles the funds with the airline the following day.

Juan Antonio Rodriguez, Director Financial Settlement Operations, IATA, said, “The trend towards account-to-account payments is gaining more momentum. It provides a seamless experience for passengers and provides an attractive option for airlines to lower the cost of payment acceptance. Through Outpayce, airlines using XPP can begin to accept IATA Pay while still benefiting from XPP’s powerful orchestration, analytics and reporting capabilities.”

Anna Isabel Bengzon, Chief Financial Officer, Philippine Airlines, said, “We are pleased to now accept IATA Pay in the Philippines. It will provide our passengers a more convenient and secure way of paying via QR code using their digital wallets, which is highly prevalent in the country, or through their bank accounts. Outpayce’s XPP system helps us to intelligently accept a wide range of payment methods used by travelers across the international markets we serve. Moreover, we can access various payment methods and partners through XPP, with detailed analytics on the performance of payment flows and back-end reconciliation support.”

Jean-Christophe Lacour, SVP and Head of Product Management & Delivery, Outpayce, added, “We’re committed to helping travel companies accept the widest possible range of payment methods through a single connection to XPP and IATA Pay represents an interesting new option for the industry. By making it easier for partners to connect to XPP using self-service APIs we intend to broaden this choice even further.”

IATA is one of the first partners to connect to Outpayce’s Xchange Payment Platform using its new self-service APIs, being piloted in 2024. The addition of self-service APIs helps to open XPP, making it easier for any payments or fintech companies to connect its services, which increases choice for travel companies and further optimizes payment orchestration.

India to introduce UPI in Maldives to boost tourism

India and Maldives have signed an agreement to introduce the Unified Payments Interface (UPI) in the archipelago nation, which will have a “very positive” impact on its tourism sector, External Affairs Minister S Jaishankar has said.

The MoU was signed during Jaishankar’s three-day official visit to the Maldives.

“Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives,” he said in a post on X.

Developed by the National Payments Corporation of India (NPCI), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones.

Addressing a press conference with his Maldivian counterpart Moosa Zameer after their “productive discussions”, Jaishankar said that India, through its UPI, has “revolutionised digital transactions”.

Stressing that it has taken financial inclusion in India to new levels, he said “Today 40 per cent of the world’s real-time digital payments take place in our country.” “We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives,” he said.

“I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism,” he added.

Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange.

Jaishankar’s visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation’s pro-China president, Mohamed Muizzu, assumed office last year.

“India’s partnership with the Maldives is based on our deep desire to work together for each other’s welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past,” Jaishankar said.

“It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities,” he said.

India outbound tourism to cross USD 55.3bn by 2034, says FICCI-Nangia Report

India’s outbound tourism market is projected to reach over USD 55.3 billion by 2034, from the estimated more than USD 18.8 billion in 2024, growing at a compound annual growth rate (CAGR) of 11.4 per cent, a report showed on Wednesday.

The FICCI-Nangia knowledge paper also highlighted India’s online travel market, which consists of sales of travel services through online channels, is expected to grow at a CAGR of 10.5 per cent between 2024-29 — from USD 17.24 billion to USD 28.40 billion.

Few emerging markets and opportunities for outbound travel include various Southeast Asian, Middle Eastern, African, and Eastern European countries.

“India alone stands out as a key source market for Sri Lanka. The integration of the Indian UPI payment system with ‘LankaPay’ has simplified payment options for Indian tourists visiting Sri Lanka,” said Geshan Dissanayake, Minister Commercial, High Commission of Sri Lanka in India.

The report said the government administration and the tourism industry stakeholders in India may undertake various strategic interventions to promote the outbound tourism market. These include bilateral engagement, improved connectivity, support to travel industry stakeholders, MSME development, marketing of international destinations, digital transformation, curated packages and hospitality partnerships.

Mary Mutuku, Deputy High Commissioner of Kenya to India, informed that currently, the India market is among the top 5 in Kenya’s key sources of tourists, and this has the potential to grow even further.

“With an increase in the number of flights between the two countries along with the opening of Nairobi Expressway, tourists will have more convenience travelling in Kenya. A new cruise terminal at Mombasa port is a major boost to cruise tourism,” she added.

According to Seitenov Darkhan, Deputy Ambassador of Kazakhstan to India, there has been a significant growth in the number of tourists coming to Kazakhstan from India which is also due to offering a 14-day visa-free regime for Indian tourists along with an increase in the number of direct flights.

“We invite major Indian investors to participate in implementing these initiatives in our country,” he added.

Ankush Nijhawan, Chairman, FICCI Outbound Tourism Committee, said the global travel and tourism industry is expected to reach USD 2.6 trillion by 2027, growing at a CAGR of 8.2 per cent. “The traveller preferences are becoming increasingly diverse, and demand tailor-made travel services. Demographic boost, government support, increased connectivity and niche segment growth are powering India’s outbound travel boom,” he added.

ixigo, AU Small Finance Bank launch RuPay variant of co-branded credit card

ixigo and AU Small Finance Bank, have launched the RuPay variant ofits premium co-branded ixigo-AU Small Finance Bank travel credit card, enabling UPI-based payments and rewards. This new offering is designed to bring enhanced benefits like greater convenience, wider reach, security and accessibility to modern travellers.

Building on the successful partnership of ixigo and AU Small Finance Bank (AU SFB), the RuPay variant introduces a range of features tailored to meet the needs of travellers. Cardholders can link their RuPay credit card on UPI using any UPI payment app, enabling seamless credit card payments with UPI. Travellers will get 10 reward points on online UPI transactions and 5 reward points on offline UPI transactions. They will also have access to premium 24/7 concierge services, a comprehensive insurance cover of up to INR 2 Lakhs, including Personal Accident Insurance and Permanent Disability Cover, and various exclusive RuPay offers across dining, shopping, wellness, and entertainment.

The card also retains its existing benefits and core value proposition across all travel modes, including 10% discount on flights, buses and hotels and Zero PG charges on train booking via ixigo app, while offering additional benefits exclusive to RuPay cardholders. Cardholders will get 1000 reward points, Rs. 1000 ixigo money reward on completing their first transaction within 30 days, and a fuel surcharge waiver of 1% and 10% reward points on train transactions. Cardholders also enjoy Zero forex markup fee on international spends, complimentary 8 railway lounge access, 8 airport lounge access, and 1 International lounge access per year.

Commenting on the launch, Aloke Bajpai, Group CEO & Rajnish Kumar, Group Co-CEO, ixigo said, “We are excited to introduce the RuPay variant to the existing co-branded AU Small Finance Bank travel credit card. With seamless UPI integration and comprehensive insurance coverage, this card is designed to meet the evolving needs of modern travellers, especially those from tier 2,3 & 4 cities. By combining our travel expertise with AU SFB’s robust financial solutions, we aim to make travel more accessible and provide a smoother experience nationwide.”

Sanjay Agarwal, Founder and MD & CEO, AU Small Finance Bank, said, “Our partnership with ixigo continues to set new benchmarks in the travel industry, offering unparalleled benefits tailored for the modern traveller. This launch reaffirms our commitment to providing innovative and inclusive financial solutions to our customers. The RuPay variant will maintain exceptional travel rewards and bring the added advantage of RuPay’s extensive network, fulfilling the desires of aspiring Bharat. This move exemplifies our customer-centric approach as we continue to serve the diverse needs of our customers across Bharat.”

Nalin Bansal, Chief of Corporate, Fintech Relationships and Key Initiatives, NPCI, said, “We are happy to partner with ixigo and AU Small Finance Bank to provide travellers with an enhanced experience through exclusive rewards for RuPay cardholders. UPI-enabled RuPay credit cards combine the convenience of UPI with the benefits of credit cards. This aligns perfectly with our mission of expanding digital payments across India, making travel seamless and rewarding.”

India’s UPI Launches at Galeries Lafayette, Aims for Paris Olympics Boost

India’s Unified Payments Interface (UPI) has expanded its footprint to the heart of Paris, with the flagship store of Galeries Lafayette on Haussmann Boulevard now accepting UPI payments.
This landmark move is a step further in realising Prime Minister Narendra Modi’s vision of globalising UPI, which is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.

“On July 3, 2024, the Unified Payments Interface (UPI) became live at the flagship store of the world-renowned Galeries Lafayette in Haussmann, Paris. This expands the acceptance of UPI in Paris after a successful launch at the iconic Eiffel Tower,” read a press release by Indian Embassy in France.

Ambassador of India to France and Principality of Monaco Jawed Ashraf launched UPI by live use at the store in the presence of Nicolas Houze, CEO of Galeries Lafayette, and Alain Lacour, Chairman of Lyra Group.

Recalling the success of the UPI launch at the Eiffel Tower in January 2024 and the meeting hosted for potential merchants with NPCI International in February 2024, the Ambassador welcomed the quick conclusion of the agreement and arrangement between Lyra and NPCI for the launch of UPI at the world-famous Galeries Lafayette ahead of the Paris Olympics starting July 26, 2024, which is expected to draw large number of Indian visitors.

“Ambassador recalled the first international launch of UPI in Singapore in 2018 by Prime Minister of India, Narendra Modi, and expressed satisfaction at the international journey of UPI,” the release also said.

He hoped that, in addition to quick, safe and efficient means of cross-border digital payments, UPI will grow as a medium of cross-border remittances and eventually become the digital payment system in countries across the world, it added.
As Paris gears up for the 2024 Olympics, this initiative aims to facilitate seamless transactions for a growing number of Indian visitors and underscores UPI’s evolving role as a global digital payment solution. (Source: ANI)

PhonePe partners with PickMe facilitating cashless rides for Indian travellers in Sri Lanka

Indian digital payment giant PhonePe has teamed up with Sri Lankan ride-hailing platform PickMe. This partnership enables Indian tourists in Sri Lanka to pay for PickMe rides using PhonePe’s UPI payment system, promoting cashless transactions and enhancing travel convenience.

Background and Launch
The partnership comes on the heels of PhonePe’s recent launch in Sri Lanka, which was supported by Indian High Commissioner H.E. Santosh Jha. Jha advocated for collaboration between Sri Lankan and Indian companies to develop the UPI network.

This initiative is part of PhonePe’s broader strategy to extend its international reach and serve the increasing number of Indian tourists in Sri Lanka.

Enhanced Travel Experience
Jiffry Zulfer, CEO, PickMe, noted that PickMe is currently the only ride-hailing service in Sri Lanka offering UPI payments for Indian travelers. This feature aims to make transportation in Sri Lanka more convenient, safe, and cost-effective. By integrating QR payments, PickMe simplifies travel for tourists and creates additional revenue opportunities for drivers.

Strategic Benefits for PhonePe
Ritesh Pai, CEO, International Payments at PhonePe, highlighted the company’s dedication to providing secure and convenient payment solutions for Indian travelers. The partnership is expected to boost transaction volumes and user retention for PhonePe, aligning with its strategy to diversify product offerings and expand its international presence.

Recent Expansion Efforts
The collaboration with PickMe is part of a series of recent expansions by PhonePe. In April, PhonePe partnered with the Singapore Tourism Board to enable UPI payments for Indian visitors in Singapore. Domestically, PhonePe has ventured into secured lending and the merchant lending space, collaborating with banks, non-banking financial companies (NBFCs), and other fintech firms.

Financial Performance
In FY23, PhonePe’s operating revenue surged 77% year-on-year to INR 2,914 crore, while its net loss increased by 39% to INR 2,795.3 crore. Despite the losses, PhonePe maintains a dominant position in the UPI ecosystem in India, holding a 48.87% market share as of May.

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