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NPCI, Network International sign MoU for UPI payments in UAE

MUMBAI :

Network International, an enabler of digital commerce across the Middle East and Africa, has signed a memorandum of understanding (MoU) with NPCI International Payments Ltd (NIPL) to discuss their collaboration on acceptance of NIPL’s mobile-based real-time payment system, Unified Payments Interface (UPI), in the UAE.

With travel restrictions between India and the UAE recently relaxed, the proposed collaboration will benefit Indian travellers visiting the UAE by allowing them to make payments seamlessly through UPI-based mobile applications, NIPL said in a statement.

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, including those in sectors such as jewellery, supermarkets, and duty-free retailers.

UPI is an instant real-time payment system developed by the National Payments Corporation of India facilitating inter-bank transactions. UPI has become one of the most successful real-time payments systems globally. In 2020, UPI facilitated transactions worth $457 billion, which is equivalent to approximately 15% of India’s GDP.

Nandan Mer, group chief executive officer, Network International, said that the UAE is among the most favoured 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.

“With the rising propensity for digital payments as a preferred payment method across the globe, as a market leader in end-to-end payment solutions, we are delighted to engage in discussions on bringing UPI mobile payment solutions for our UAE merchant network,” said Mer.

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