NPCI International & Network International Collaborate To Launch UPI In UAE

NPCI International & Network International Collaborate To Launch UPI In UAE

SUMMARY

The rollout of UPI in the UAE through the proposed partnership is expected to commence in the first quarter of 2022

Network International also accepts NPCI’s RuPay as a part of its payment schemes for UAE merchants

Other successful international partnerships of NPCI include Mashreq Bank, UAE, Royal Monetary Authority (RMA) of Bhutan, Discover Financial Services (DFS) USA, Japan Credit Bureau (JCB) Japan, Union Pay International (UPI) China, PPRO Financial, UK, Network for Electronic Transfers (NETS), Singapore and Liquid Group, Singapore

To facilitate UPI payments in the UAE, Network International (NI), an 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 Payment Corporation of India NPCI. With the easing out of travel restrictions between India and the UAE recently, this initiative will facilitate cross-country digital payments.

Through the MoU, both the parties will discuss their collaboration on the acceptance of NIPL’s mobile-based real-time payment system, UPI in the UAE. While UPI will leverage payment infrastructure and network strength of Network International, NI will leverage the instant real-time payment system of UPI.

NPCI said the collaboration will benefit Indian travellers visiting the UAE.

The rollout of UPI in the UAE through the proposed partnership is expected to commence in the first quarter of 2022 (Q1 CY22). Currently, the framework is only proposed for NI’s key retail merchant partner outlets, including those in sectors such as jewellery, supermarkets, and duty-free retailers.

Earlier this year, Network International has also announced its acceptance of India’s payment scheme, RuPay, to enhance the range of payment schemes acceptance and business for UAE merchants.

List Of NPCI Collaborations To Enable UPI Internationally

In August 2021, NIPL announced its partnership with Mashreq Bank—a UAE-based digital banking solutions provider to offer UPI in the UAE. The aim was to enable seamless digital transactions benefitting 2 Mn+ Indians who travel to UAE for business or leisure purposes every year.

Earlier this year in July, NPCI also partnered with the Royal Monetary Authority (RMA) of Bhutan to implement UPI-based payments in Bhutan, making it the first foreign country to adopt UPI. This partnership is expected to benefit an estimated 200,000 tourists from India who travel to Bhutan annually.

Other successful international partnerships in this space include Discover Financial Services (DFS) USA, Japan Credit Bureau (JCB) Japan, Union Pay International (UPI) China, PPRO Financial, UK, Network for Electronic Transfers (NETS), Singapore and Liquid Group, Singapore.

UPI is a real-time payments (RTP) system enabling person to person (P2P) and person to merchant (P2M) transactions.

UPI transactions in India have been witnessing a massive surge owing to covid. NPCI has recorded over $100 Bn+ worth of UPI transactions in October 2021 alone, the highest ever since its launch in 2016.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

NPCI International & Network International Collaborate To Launch UPI In UAE-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

NPCI International & Network International Collaborate To Launch UPI In UAE-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

NPCI International & Network International Collaborate To Launch UPI In UAE-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

NPCI International & Network International Collaborate To Launch UPI In UAE-Inc42 Media
NPCI International & Network International Collaborate To Launch UPI In UAE-Inc42 Media
You’re in Good company