NPCI International Payments Ltd (NIPL), the International arm of the National Payment Corporation of India on Thursday 21st April announced that India’s BHIM UPI is now live at NEOPAY terminals, across the UAE. The announcement comes a month after Nepal adopted the unified payment interface for digital transactions. The initiative will enable millions of Indian travelers to seamlessly be able to pay for their purchases in UAE using BHIM UPI.
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.
NPCI said the collaboration will benefit Indian travelers visiting the UAE. According to a statement by NIPL, this partnership will enable over 2 million Indians, who travel to UAE every year, to make payments using UPI-based mobile applications across shops and merchant stores.
NEOPAY partnered with NIPL with the aim of providing innovative payment solutions for the customers of the country thus allowing them to make use of the UAE’s thriving digital economy. Millions of Indian travelers visit the UAE consistently and this collaboration with NIPL will allow the Indian tourists to access seamless monetary transactions.
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 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 the payment infrastructure and network strength of Network International, NI will leverage the instant real-time payment system of UPI.
Earlier this year, Network International also announced its acceptance of India’s payment scheme, RuPay, to enhance the range of payment schemes acceptance and business for UAE merchants.
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 jewelry, supermarkets, and duty-free retailers.
NIPL and NEOPAY, the payment subsidiary of Mashreq bank, partnered last year to create the acceptance infrastructure in the UAE.
NPCI International Payments Ltd (NIPL), the international arm of the National Payment Corporation of India, has announced that BHIM UPI is now live at NEOPAY terminals across the UAE. This initiative will empower millions of Indians who travel to the UAE, to safely and conveniently make payments using BHIM UPI.
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 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.
“The UAE is among the most favored 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, the CEO, of NIPL, said, “Our planned collaboration with Network International would be aformidable step towards achieving our vision of taking our robust and popular payments solutions to global markets.”
Vibhor Mundhada, the CEO, of NEOPAY, said, “Our partnership with NIPL is further evidence of our commitment to leverage the latest cutting-edge technology to provide innovative payment solutions for our customers and allow them to take full advantage of the thriving digital economy.”