Oman Embraces UPI: Becomes 7th Nation To Use UPI After UAE, Saudi Arabia, Bahrain, Singapore, Maldives, Bhutan
Indians living in Oman have a good news as the country is all set to become the latest country in West Asia to start using India’s RuPay card and UPI platform.
India’s RuPay card and UPI platform Now in Oman
V. Muraleedharan, Minister of state for external affairs visited the country and during the visit an agreement will be signed between the National Payments Corporation of India (NPCI) and the Central Bank of Oman (CBO) for cooperation in digital finance and payments for the usage of RuPay and UPI.
The MoS was on an official visit to Oman on October 3rd and 4th. During his second ever visit to the country, he met the the foreign minister Sayyid Badr bin Hamad bin Hamood Albusaidi, and attended community receptions, among various key engagements. It was in the December 2020, in the middle of the COVID-19 pandemic, that he last visited the country.
In west Asia, the RuPay card is used or is in the process of being used in the UAE, Bahrain, and Saudi Arabia. UAE was the first country in the gulf where RuPay was launched during PM Modi’s August 2019 visit.
RuPay is an Indian payment gateway like a Visa or Mastercard and is increasingly being expanded to India’s neighbouring countries or nations with a huge Indian diaspora. It was launched in Singapore in May 2018, followed by Bhutan and the Maldives.
Indian Diaspora in Oman
There are almost 650,000 Indians in Oman and they play a key role in the economic development of the country. Recently an Indian-origin expat, Pankaj Khimji, who is an Omani of Indian origin, has been appointment in a senior government position. He has been appointed as vice minister.
At the premises premises of the Indian Embassy in Muscat, the MoS was to unveil the statue of Mahatma Gandhi.
It was the first ever life-size bronze statue of Gandhi Ji, commissioned by the Indian Council of Cultural Relations (ICCR).
The visit was part of increased engagement between the two sides. Remember, the Omani secretary general for defence, foreign minister, and commerce minister visited India in February, March, and May 2022.
India is one of the largest investors in Oman, with total investments of over US$ 7.5 billion. Bilateral trade is on the rise, with total trade in FY 2021-22 touching nearly US$ 10 billion. Oman plays an important role in supporting Indian naval deployments in the western Indian Ocean and the Persian Gulf.