Network International, the Middle East and Africa’s leading enabler of digital commerce has signed an MOU with NPCI International Payments Ltd (NIPL), NIPL’s mobile-based real-time payment system, Unified Payments Interface (UPI), will be accepted in the United Arab Emirates by the International Arm of National Payments Corporation of India (NPCI) (UAE).
The Unified Payments Interface (UPI) is a real-time payment system designed by India’s National Payments Corporation to facilitate peer-to-peer and peer-to-merchant transactions.
This collaboration will allow the roughly 2 million Indians who visit the UAE each year for business or pleasure to pay for their purchases in UAE stores and merchant outlets using UPI-based mobile applications.
The strategic relationship between the two firms will help to improve the UAE’s digital payment ecosystem and will be a key stepping stone for UPI’s international expansion.
Ritesh Shukla, chief executive officer, NIPL said the organization is excited about the partnership with Mashreq Bank, which will enable consumers from India to transact seamlessly using NPCI’s UPI platform and deliver a seamless user experience.
In-person to person (P2P) and person to merchant (P2M) transactions, UPI is one of the most successful real-time payment (RTP) systems in the world, providing — simplicity, safety, and security.
Because they are convenient, safe, and cost-effective, mobile-based payments have become one of the most popular kinds of digital payments. In 2020, UPI will enable USD 457 billion in transactions, which is nearly 15% of India’s GDP.
On April 3, 2020, NPCI International Payments Limited (NIPL) is one of the popular was established as a wholly-owned subsidiary of the National Payments Corporation of India. As NPCI’s international branch, NIPL is working to expand the use of NPCI’s successful Real-Time Payment System (UPI) and Card Scheme (RuPay) outside of India.
NIPL is dedicated to transforming payments around the world via technology and innovation. It will not only allow Indians to make payments, but it will also allow them to receive payments. but it will also help other countries improve their payment capabilities by providing technical assistance, advising, and infrastructure.