The National Payments Corporation of India has partnered with a financial firm in the United Arab Emirates to launch UPI services in the region. The NPCI International Payments or NIPL will allow Indian citizens visiting the United Arab Emirates to use the Indian Unified Payment Interface, also known as UPI, to make digital payments. The development follows reports that NPCI plans to expand Indian payment platforms like UPI and Rupay to international markets. Previously, NIPL launched its UPI services in Bhutan in July 2021, through collaboration with the Royal Monetary Authority, which is the region’s central bank.
Visitors can transact through UPI payments in Dubai
With the Indian UPI service now available in Dubai, users will be able to conduct cashless transactions in the region. The development was made possible through a partnership between NIPL and a leading finance company in the United Arab Emirates called Mashreq Bank. This would allow the more than two million Indians who visit the UAE each year for business and leisure purposes, to use UPI-based mobile apps to make payments at stores and other stores in the region. The collaboration will increase digital payments in the UAE while giving UPI a broader hold in international markets.
Ritesh Shukla, CEO of NIPL, says the organization is excited about the collaboration with Mashreq Bank and will enable Indian visitors to deal directly with services and providers in the UAE through a seamless experience through the platform. -UPI form. Kartik Taneka, Executive Vice President and Head of Payments at Mashreq Bank, said: “Innovation has been at the heart of what Mashreq does, and we are proud to have introduced omnichannel solutions that benefit our customers and to the economy of the United Arab Emirates. We are the first in this market to partner with NIPL and deliver cutting edge mobile digital payments to our customers. “
The developer of Unified Payments Interface, National Payments Corporation of India, has been in talks with several financial companies around the world, including the United States, Europe and West Asia. As UPI services are enabled for transactions in other countries, it would make international transactions much more convenient and hassle-free for Indian consumers.