NPCI, Network International collaborate for UPI payments in UAE | Daily Current Affairs 2021
onwin giriş

NPCI, Network International collaborate for UPI payments in UAE

Posted by
Subscribe for News Feed

NPCI International Payments Ltd (NIPL) has signed a Memorandum of Understanding (MOU) with Network International, a leading enabler of digital commerce across the Middle East and Africa, for mobile-based real time payment system in the UAE.

NIPL is the international arm of National Payments Corporation of India (NPCI). Under the terms of the MoU, NIPL and Network International will discuss their collaboration on acceptance of NIPL’s mobile-based real-time payment system, Unified Payments Interface (UPI), in the United Arab Emirates (UAE).

With the travel restrictions getting relaxed between India and the UAE, the collaboration will benefit Indian travellers visiting UAE, according to NPCI.

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.

According to NPCI, in 2020, UPI facilitated transactions worth USD 457 billion, which is equivalent to approximately 15 per cent of India’s GDP.

Earlier in 2021, Network International had announced its acceptance of RuPay to enhance the range of payment schemes acceptance and business for UAE merchants.

RuPay is a global card payment network from India with over 635 million cards issued to date.

Subscribe for News Feed