UPI In Dubai: NPCI's Global Arm And Network International Sign Pact For UPI Payment System In UAE
The proposed rollout of UPI mobile payment solutions on Network International's merchant network in the UAE is expected to commence in the first quarter of 2022.
Network International, the leading enabler of digital commerce across the Middle East and Africa, has signed a Memorandum of Understanding (MOU) with NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI), to discuss their collaboration on acceptance of NIPL's mobile-based real-time payment system, Unified Payments Interface (UPI), in the United Arab Emirates (UAE).
UPI is an instant real-time payment system developed by NPCI facilitating inter-bank transactions. UPI has become one of the most successful real-time payments (RTP) systems globally in person to person (P2P) and person to merchant (P2M) transactions.
"With travel restrictions between India and the UAE recently relaxed, the proposed collaboration will benefit Indian travellers visiting the UAE by allowing them to make payments seamlessly through UPI-based mobile applications leveraging Network International's trusted payment infrastructure and network strength as the UAE's largest merchant acquirer," NIPL said in a statement.
"This announcement follows Network's continued strategy to boost digital payment acceptance across the UAE. Since its inception, Network International has contributed significantly to developing the national payment ecosystem and support for UAE merchants through collaborations with prominent international payments schemes and partners," it added.
The proposed rollout of UPI mobile payment solutions on Network International's merchant network in the UAE is expected to commence in the first quarter of 2022 across the company's key retail merchant partner outlets, including those in sectors such as jewellery, supermarkets, and duty-free retailers.
"We are confident that our proven product capabilities, combined with the vast merchant network of Network International, will enable UPI QR-based payment acceptance and scale-up in the UAE. We look forward to working with Network International to empower Indian travellers and the large Indian community in the UAE," Ritesh Shukla, CEO of NIPL, said.
Earlier this year, Network International also announced its acceptance of India's payment scheme – RuPay – to enhance the range of payment schemes acceptance and business for UAE merchants.
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