Mumbai: NPCI International Payments (NIPL), the global arm of the National Payments Corporation of India, has partnered with Mashreq of the United Arab Emirates to enable its acceptance. unified payment interface (is i) in the forum United Arab Emirates.
According to a statement by NIPL, this partnership will enable over two million Indians, who travel to the UAE every year, to make payments using a UPI-based mobile application in shops and merchant stores. UPI is an instant real-time payment system developed by NPCI, which facilitates inter-bank transactions.
From Mashreq’s perspective, this initiative will enable its merchants to attract customers who are accustomed to mobile-based payment systems. The bank has seen a 20% month-on-month increase in the pick-up rate as young and tech-savvy customers seek to use the mobile payment system, with a growing number of retailers across the UAE offering such accept the transaction.
NIPL CEO Ritesh Shukla said this was part of NIPL’s strategy to take India’s payment solutions to global markets and collaborate with interested partners. “We are excited about our partnership with Mashreq Bank, which will enable consumers in India to transact using UPI.”
According to a statement by NIPL, this partnership will enable over two million Indians, who travel to the UAE every year, to make payments using a UPI-based mobile application in shops and merchant stores. UPI is an instant real-time payment system developed by NPCI, which facilitates inter-bank transactions.
From Mashreq’s perspective, this initiative will enable its merchants to attract customers who are accustomed to mobile-based payment systems. The bank has seen a 20% month-on-month increase in the pick-up rate as young and tech-savvy customers seek to use the mobile payment system, with a growing number of retailers across the UAE offering such accept the transaction.
NIPL CEO Ritesh Shukla said this was part of NIPL’s strategy to take India’s payment solutions to global markets and collaborate with interested partners. “We are excited about our partnership with Mashreq Bank, which will enable consumers in India to transact using UPI.”
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