- Indians can now make payments using UPI in UAE.
- NPCI has partnered with the Mashreq Bank’s NEOPAY to enable UPI-based payments in the Gulf nation.
- UPI payments will only be possible in UAE shops that have NEOPAY terminals.
Tourists or migrants to the United Arab Emirates (UAE) with Indian bank accounts will be able to make UPI payments at shops, retail establishments, and other merchants in the gulf nation, thanks to the partnership between the National Payments Corporation of India (NPCI) and the Mashreq Bank’s NEOPAY. It will be mandatory for users to have a bank account in India with UPI enabled on it. The users will also need an application, like BHIM, to make UPI payments.
UPI is an instant real-time payment system developed by the National Payments Corporation of India for facilitating inter-bank transactions. The mobile-based payments system has become one of the most prominent forms of digital payments. In the Financial year 2022 (FY22), UPI enabled 45.6 billion transactions, worth $1 trillion, making it the best performing real-time payment eco-system in the world.
This partnership will play a key role in transforming the P2M payment experience for Indian travelers in the UAE. The implementation of the BHIM UPI in the UAE is a stepping stone toward, providing a major boost to digital payments in the country. UPI payments will only be possible in UAE shops that have NEOPAY terminals. The user should have a bank account with an Indian bank account along with a mobile app like BHIM that supports UPI payments. Currently, UPI payments are acceptable in Bhutan and Nepal. It is likely to go live in Singapore by the end of this year.
Talking about UPI in UAE Ritesh Shukla, CEO, NIPL said:
“We are glad to witness BHIM UPI going live in the UAE through our partnership with NEOPAY. This initiative will enable Indian tourists to perform payments using BHIM UPI which has emerged as the preferred mode of payment for Indian citizens. NIPL is consistently working towards simplifying digital payments and driving digital public goods across the globe with our cutting-edge solutions.”
Vibhor Mundhada, the CEO of NEOPAY, said, “The UAE is consistently one of the top source markets for Indian travelers and our collaboration with NIPL will enable thousands of Indian tourists who visit the UAE every year to enjoy safe and seamless transactions.”
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