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.