UPI payments to be now accepted in UAE, Details here

Image Caption: https://www.rediff.com/business/report/upi-transactions-cross-1-bn-in-first-15-days-of-oct/20201021.htm

UPI offers an instant option for a real-time payment system powered by NPCI backing inter-bank transactions. It averred in a statement that this partnership will enable over 2 million Indians who travel to UAE for business or leisure purposes every year to pay for their purchases using UPI-based mobile applications across shops and merchant stores in the UAE.

Ritesh Shukla, chief executive officer, NIPL averred the organization is excited about the partnership with Mashreq Bank, which will enable consumers from India to transact seamlessly using NPCI’s UPI platform and deliver a seamless user experience.

Till then, Kartik Taneja, executive vice-president (head of payments) at Mashreq Bank said that given the position of UAE as an international commerce and tourism hub, retail merchants in the Emirates always enable the latest payment methods that are expected by our international clients.

“Innovation has been at the core of what Mashreq does, and we have a proud history of introducing omnichannel solutions that benefit our customers and the UAE’s economy. We are the first in this market to partner NIPL and offer cutting-edge mobile-based digital payments to our clients,” said Taneja.

In 2020, UPI sanctioned transactions of around $457 billion, which is nearly equal to approximately 15% of India’s gross domestic product (GDP).

Source Mint