UPI In Dubai: NPCI's Global Arm And Network International Sign Pact For UPI Payment System In UAE

by India Infrahub - Nov 20, 2021 08:09 PM +05:30 IST
UPI In Dubai: NPCI's Global Arm And Network International Sign Pact For UPI Payment System In UAEUPI
Snapshot
  • 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.

Get Swarajya in your inbox everyday. Subscribe here.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Comments ↓
Get Swarajya in your inbox everyday. Subscribe here.
Advertisement

Latest Articles

    Artboard 4Created with Sketch.