On Thursday, the international arm of the National Payment Corporation of India, NPCI International Payments Ltd (NIPL) announced that India’s BHIM UPI is now live at NEOPAY terminals, across the UAE.
This move comes after a month of Nepal adopting the unified payment interface for digital transactions.
NIPL said in a statement that “This initiative will empower millions of Indians who travel to the UAE, to safely and conveniently make payments using BHIM UPI”.
In order to create the acceptance infrastructure in the UAE, the NIPL and NEOPAY (the payment subsidiary of Mashreq bank) decided to partner.
Seamless Payments & Transformed P2M Payment Experience
Due to this acceptance of the BHIM UPI in the UAE, Indian tourists can now make seamless payments through BHIM UPI across NEOPAY enabled shops and merchant stores.
For the Indian travellers in the UAE, this partnership will go a long way in transforming the P2M payment experience.
The statement added that the implementation of BHIM UPI in the UAE is a stepping stone toward providing a major boost to digital payments in the country.
Commenting on the tie up, Ritesh Shukla, CEO, NIPL said, “NIPL is consistently working towards simplifying digital payments and driving digital public goods across the globe with our cutting-edge solutions. We are dedicated to building a vast global acceptance network for UPI to ensure seamless user experiences when it comes to payments.”
Vibhor Mundhada, CEO, NEOPAY said, “Our partnership with NIPL is further evidence of our commitment to leverage the latest cutting-edge technology to provide innovative payment solutions for our customers and allowing them to take full advantage of the thriving digital economy.”
What is UPI Ecosystem?
In order to facilitate the inter-bank transactions, the National Payments Corporation of India developed an instant real-time payment system called UPI.
The mobile-based payments system has become one of the most prominent forms of digital payments. In the Financial year 2022 (FY22), UPI enabled 45.6 billion transactions, worth $1 trillion, making it the best performing real-time payment eco-system in the world.
Earlier this year, Bhutan also launched a BHIM-UPI based payment service for digital transactions, as per the government notification.
Comments are closed, but trackbacks and pingbacks are open.