NIPL and Mashreq Bank, a significant financial institutions in the United Arab Emirates: For the collaboration to make UPI payments operational in Dubai, a banking organization in the United Arab Emirates has teamed with the National Payments Corporation of India to roll out UPI services in the region.
Indian nationals traveling to the UAE will be able to use the Indian Unified Payments Interface, better known as UPI to make digital payments thanks to NPCI International Payments or NIPL.
How and when UPI ID method put into action
Reports that NPCI is exploring opening up international markets to Indian payment platforms, like UPI and Rupay prompted the action. Before this, NIPL began offering UPI services in Bhutan in July 2021.
Through a partnership with the Royal Monetary Authority, the country’s national bank.
After five successful years of UPI usage by roughly 1 billion people in India. The NPCI is considering launching it in 2021, starting with the United Arab Emirates and Singapore.
Many Indians are living abroad in the UAE. Every year, many Indian tourists travel to the UAE and Singapore. It will be simple for visitors to make payments if UPI is one of the available payment methods.
Every bank account can use UPI, and every retailer also accepts it. This is one crucial aspect that helped it fast gain everyone’s acceptance. In August 2021, NPCI said UPI services were now accessible in the UAE. Before, the RuPay card, which gets introduced by NPCI, in Singapore and the UAE.
Indians who often go overseas can make hassle-free payments with UPI, like debit or credit card payments, as UPI is now gets accepted in the UAE region. Indian travelers will find it easier to use UPI as payment abroad.
In Dubai, UPI payments are a viable option for visitors
Users will be able to conduct cashless transactions in the area now that the Indian UPI service is accessible in Dubai. The relationship between the NIPL and Mashreq Bank, a renowned financial institution in the UAE, has enabled progress.
This would make it possible for the more than two million Indians who travel to the UAE each year for both business and vacation.
By using mobile apps based on UPI to pay for goods and services at local shops and other establishments.
The partnership will boost digital payments in the UAE while strengthening UPI’s position in global markets.
According to NIPL CEO Ritesh Shukla, Since it would enable visitors from India to transact via the UPI platform with services and vendors in the United Arab Emirates.
The company is thrilled about its cooperation with Mashreq Bank.
We are the first in this market to partner with NIPL
According to Kartik Taneka, executive vice president and director of payments at Mashreq bank, is offering its customers cutting-edge mobile-based digital payments.
He states that innovation is at the heart of everything.
Mashreq does, and the business has a long history of introducing omnichannel solutions. That help both its customers and the economy of the United Arab Emirates.
National Payments Corporation of India, the company that created the Unified Payments Interface. It has been in discussions with many financial institutions worldwide, including those in the US, Europe, and West Asia.
The National Payments Corporation of India (NPCI) intends to take UPI (Unified Payments Interface) after it gained widespread recognition in India.
In India, UPI gets launched in 2016. It facilitated quick, simple, and comfortable banking customers’ transactions between banks. Compared to other payment methods worldwide, UPI got accepted in India. Indian tourists to the UAE may now make payments in stores using UPI.