UPI is an instant real-time payment system developed by NPCI facilitating inter-bank transactions…reports Asian Lite News
NPCI International Payments Ltd (NIPL), the international arm of the National Payment Corporation of India (NPCI) has partnered with Mashreq, one of the leading financial institutions in the UAE, to offer acceptance of the Unified Payments Interface (UPI) in the UAE.
UPI is an instant real-time payment system developed by NPCI facilitating inter-bank transactions. It said in a statement that this partnership will enable over 2 million Indians who travel to UAE for business or leisure purposes every year to pay for their purchases using UPI-based mobile applications across shops and merchant stores in the UAE.
The strategic tie-up between the two entities will provide a considerable boost to the digital payment ecosystem in the UAE and will prove to be a major stepping stone for the wider reach of UPI in the international markets.
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.
Meanwhile, Kartik Taneja, executive vice-president (head of payments) at Mashreq Bank said that given the position of UAE as an international commerce and tourism hub, retail merchants in the Emirates always enable the latest payment methods that are expected by our international clients.
“Innovation has been at the core of what Mashreq does, and we have a proud history of introducing omnichannel solutions that benefit our customers and the UAE’s economy. We are the first in this market to partner NIPL and offer cutting-edge mobile-based digital payments to our clients,” said Taneja.
According to the statement, UPI is amongst the most successful real-time payments systems globally, providing – simplicity, safety, and security in person to person (P2P) and person to merchant (P2M) transactions. In 2020, UPI allowed transactions worth $457 billion, which is equivalent to approximately 15% of India’s gross domestic product (GDP).