 "upi, digital payment, digital transaction")
The National Payments Corporation of India (NPCI) on Thursday said its international arm NIPL and global digital commerce enabler Network International have signed an agreement for mobile-based real time payment system in the UAE.
Network International enables digital commerce across the Middle East and Africa.
NPCI International Payments Ltd (NIPL) and Network International have signed a memorandum of understanding for collaboration on acceptance of NIPL's mobile-based real time payment system, Unified Payments Interface (UPI), in the UAE, NPCI said in a release.
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. It will also be facilitating UPI payments in sectors such as jewellery, supermarkets, and duty free retailers.
NPCI said the collaboration will benefit Indian travellers visiting UAE, with the travel restrictions getting relaxed between India and the UAE.
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NPCI said UPI has become one of the most successful real-time payments (RTP) systems globally, providing simplicity, safety, and security in person to person (P2P) and person to merchant (P2M) transactions.
In 2020, UPI facilitated transactions worth USD 457 billion, which is equivalent to approximately 15 per cent of India's GDP, it said.
"The UAE is among the most favoured destinations for Indian visitors and the availability of a trusted and familiar mobile payment option such as UPI will enable visitors to pay for their purchases in the UAE safely and with ease," Nandan Mer, Group Chief Executive Officer, Network International said.
Ritesh Shukla, CEO, NIPL said, "Our planned collaboration with Network International would be a formidable step towards achieving our vision of taking our robust and popular payments solutions to global markets."
Earlier this year, Network International also announced its acceptance of RuPay to enhance the range of payment schemes acceptance and business for UAE merchants.
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