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The National Payments Corporation of India's (NPCI) international subsidiary, NIPL, has entered into a partnership with the UAE-based Network International in order to further its international expansion.
In the UAE, QR code-based UPI payments will be accessible at the Network's point-of-sale (PoS) terminals for Indian travelers and non-resident Indians (NRIs) with Indian bank accounts via the partnership.
In the Middle East and Africa (MEA) region, the UAE-based company asserts that it is the foremost enabler of digital commerce. It maintains operations in the UAE, Jordan, and Saudi Arabia, among other countries.
This occurred more than four months after the UAE and India inked an agreement to connect UPI with the UAE's FPS AANI. The development occurred concurrently with the introduction of RuPay card services by Prime Minister Narendra Modi during his visit to the UAE in February.
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The development also occurred just days after the Reserve Bank of India (RBI) collaborated with the Bank for International Settlements (BIS) and central banks from Malaysia, the Philippines, Singapore, and Thailand to connect their respective Fast Payment Systems (FPS) with UPI.
Additionally, RBI executed a memorandum of understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE) to collaborate on the proof-of-concept and pilot(s) of bilateral central bank digital currencies (CBDCs) in order to facilitate cross-border remittance transactions.
Ritesh Shukla, NPIL, CEO, said: “Our partnership with Network International will deepen UPI’s presence in the UAE. By growing UPI payment acceptance across merchants in the UAE, we are not only providing Indian travellers with a seamless and familiar payment experience, but also promoting the use of innovative digital payment solutions internationally,”
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