23.1 C
Dubai
Tuesday, November 5, 2024
spot_img

India-UAE card scheme streamlines payments, says ambassador

The Indian Ambassador to the UAE, Sunjay Sudhir, stated that the new domestic card scheme will facilitate seamless transactions for residents in both the UAE and India. This strategic partnership agreement involves the UAE launching its domestic payment card scheme based on India’s RuPay card system.

NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), signed the agreement with Al Etihad Payments (AEP) for implementing the scheme in the UAE.

While RuPay is managed by the NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association, AEP is an indirect subsidiary of the Central Bank of the UAE (CBUAE).

Ambassador Sudhir highlighted the success of the RuPay card scheme in India, with over 750 million RuPay cards in circulation. He emphasized that the UAE sought to develop its domestic credit card system, and after discussions, an agreement was reached to share India’s RuPay card system.

Sudhir emphasized that this scheme would enable seamless payments in both countries. With the implementation of the scheme in the UAE, individuals with RuPay cards from India can make seamless payments in the UAE, and similarly, Emiratis or UAE residents with domestic UAE cards can do the same when visiting India.

Next Article

Related Articles

Pioneering AI Innovations with Abis Ali, Co-Founder of Raen AI

Pioneering AI Innovations with Abis Ali, Co-Founder of Raen AI In an era where artificial intelligence is transforming industries worldwide, Raen AI stands out as...

From Vision to Reality How Harshit Aggarwal’s Novamax Industries is Redefining Cooling Solutions

In the fast-evolving world of startups, where passion meets perseverance, Harshit Aggarwal has carved out an impressive path with Novamax Industries LLP. Founded in...

8 Tips for Choosing the Right Pet Insurance in Dubai

As a pet owner in Dubai, you want to be sure that your companion receives the best care possible. But we understand that vet...

The Journey of Berrylush: A Story of Passion, Perseverance, and Purpose

In 2018, Berrylush was born from the shared vision of two IIM graduates, AnushaChandrashekar and Alok Paul, who saw a glaring gap in the...

UAE Strengthens Global Alliances: Landmark Diplomatic Engagements with Russia and Singapore Propel Strategic Partnerships

UAE has been actively engaged in high-level diplomatic efforts, further cementing its role as a key player on the global stage. Recently, President Sheikh Mohamed...

Latest Articles