Launch of UPI in UAE
The international arm of the National Payment Corporation of India, NPCI International Payments Ltd (NIPL) has announced that across the UAE, BHIM UPI is live on NEOPAY terminals.
- This initiative will be empowering the millions of Indians who travel to the UAE to make payments in a convenient and safe manner.
- The payments can be made using BHIM UPI across the NEOPAY-enabled merchant stores and shops.
- NEOPAY, Mashreq Bank’s payment subsidiary, and NIPL partnered in 2021 to create the UPI acceptance infrastructure in the country.
- NIPL has been consistently working to make digital payments simple by using the cutting-edge solutions of the organization.
Reasons for this collaboration
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.
The NPCI developed the Unified Payment Interface (UPI) which is an instant real-time payment system that helps in facilitating inter-bank transactions. The safe, simple, and cost-effective mobile-based payments system has quickly become one of the country’s most used forms of digital payments. In FY22, 45.6 billion UPI enabled transactions worth USD 1 trillion were performed thus making it the world’s best performing real-time payment eco-system.
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