The United Arab Emirates based digital banking service and solution provider Mashreq Bank announced their strategic partnership with India’s National Payment Corporation’s International.
UAE aims to offer India’s Unified Payments Interface (UPI) system in their country.
UPI is India’s very own home grown instant payment system. It was developed by the National Payments Corporation of India that is a regulated entity of the central bank of India.
Through UPI one can easily make instant money transfers amongst bank accounts.
In a way we can call it a single platform that offers and merges multiple banking features and services under a single umbrella.
The partnership is said to benefit at least two million Indians who annually travel to the UAE for either business or leisure purposes. These users can conduct transactions via mobile applications across multiple stores and merchant shops in the country.
“We are committed to transforming payments by taking our robust payments solutions to global markets and collaborating with willing partners. Our partnership with Mashreq Bank will enable consumers from India to transact seamlessly using NPCI’s world-renowned UPI platform and deliver a seamless user experience,’ said Ritesh Shukla, CFO at NPCI International Payments Limited (NIPL).
NPCI INTERNATIONAL PAYMENTS LIMITED
In order to promote its robust solutions and software system , the Indian government has helped bring into existence the NPCI International Payments Limited (NIPL), a wholly owned subsidiary of NPCI, often recognized and known as NPCI’s international arm.
The sole purpose of this entity is to deploy domestic payment systems on a global stage and coincidently partake in transforming digital payments across the world through technology and innovation.
Its goal is to not only aid the Indian diaspora in foreign countries when it comes to digital payments but also uplift other nations in this segment by enhancing their payment capabilities in this digital era via consulting and providing technological assistance along with infrastructure.
UAE isn’t the only nation to adopt UPI, before this not long back Bhutan became the first nation to reign in India’s UPI.
“The services have started in Bhutan under India’s neighborhood first policy and India is proud of our achievement and feel pleasure in sharing it with our valued neighbor,” said India’s Finance Minister Nirmala Sitharaman.