UAE: NPCI Division and Network Int join hands to create UPI payment system in the UAE

National Payment Corporation of India (NPCI) Said on Thursday that its international branch NIPL and global digital commerce promoter Network International have signed an agreement to establish a mobile-based real-time payment system in the United States UAE. Network International supports cross-regional digital commerce middle East with Africa.

NPCI International Payments Ltd (NIPL) and Network International have signed a memorandum of understanding for cooperation to accept NIPL’s unified payment interface (Unified Payments Interface), a mobile-based real-time payment system.Unified price index), in the UAE, NPCI said in a press release.

The UPI mobile payment solution is planned to be launched on Network International’s merchant network in the UAE, which is expected to begin in the company’s main retailer partner outlets in the first quarter of 2022. It will also facilitate UPI payments in industries such as jewelry, supermarkets, and duty-free retailers.

NPCI stated that with the relaxation of travel restrictions between India and the UAE, this cooperation will benefit Indian tourists visiting the UAE.

NPCI stated that UPI has become one of the world’s most successful real-time payment (RTP) systems, providing simple, secure and secure person-to-person (P2P) and person-to-business (P2M) transactions.

It stated that in 2020, UPI facilitated transactions worth US$457 billion, accounting for approximately 15% of India’s GDP.

Group CEO Nandan Mer said: “The UAE is one of the most popular destinations for Indian tourists, and the availability of trusted and familiar mobile payment options such as UPI will enable tourists to pay for shopping in the UAE safely and easily.” International said.

NIPL CEO Ritesh Shukla said: “Our planned cooperation with Network International will be an important step towards realizing our vision of bringing powerful and popular payment solutions to the global market.”

Earlier this year, Network International also announced the acceptance of RuPay to expand the acceptance range and business scope of payment solutions for UAE merchants.