New Delhi: NPCI International Payments Limited (NIPL), the global arm of NPCI, has partnered with UAE-based Mashreq Bank to offer its mobile-based real-time payment system UPI in the Gulf countries. This strategic partnership will prove to be a significant game-changer in the digital payments ecosystem in the UAE, said a release issued on Friday.
With this tie-up, over 2 million (20 lakh) Indians traveling to UAE are expected to benefit from the Unified Payments Interface (UPI) enabled mobile application, which can enable their purchases at a shop or merchant establishment across the country. can pay for.
Developed by the National Payments Corporation of India, UPI facilitates inter-bank transactions.
Mashrek said the tie-up with the growing appetite for mobile-based payments is timely and the bank has seen a 20 per cent month-on-month increase in the pick-up rate.
The implementation of UPI opens up a whole new world of opportunities for enterprises in the UAE and allows them to compete with much larger retailers, it said.
Ritesh Shukla, CEO, NIPL said that the partnership with Mashreq Bank will enable consumers in India to transact seamlessly and provide a seamless user experience using NPCI’s world-renowned UPI platform.
UPI is one of the most successful real-time payment technology globally that provides secure and simple Person to Person (P2P) and Person to Merchant (P2M) transactions. Read also: Mahindra Bolero Neo N10 (O) Model Launch: View Price, Specs & Images
In 2020, UPI allowed transactions worth USD 457 billion, which is equivalent to about 15 per cent of India’s GDP. Read also: Adani Wilmar’s Rs 4,500 crore IPO with SEBI, another setback for Gautam Adani?
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