NPCI International Payments Ltd (NIPL), NPCI's global arm, has partnered with Mashreq Bank in the UAE to provide its mobile-based real-time payment system UPI.
This strategic partnership will be a game-changer in the UAE's digital payment ecosystem, according to a press release issued on Friday,
More than 2 million (20 lakh) Indians visiting the UAE are likely to benefit from UPI-enabled mobile applications to pay for their purchases in shops and merchant establishments across the country as a result of this partnership.
UPI is an inter-bank transaction system developed by the National Payments Corporation of India.
Mashreq said the partnership is timely, given the growing demand for mobile-based payments, and that the bank's pick-up rate has increased by 20% month over month.
The implementation of UPI opens up a whole new universe of prospects for businesses in the UAE, allowing them to compete with much larger retailers, it said.
The relationship with Mashreq Bank would enable Indian consumers to transact smoothly using NPCI's world-renowned UPI infrastructure and create a seamless user experience , said Ritesh Shukla, Chief Executive Officer, NIPL.
UPI is one of the most popular real-time payment technologies in the world, offering secure and simple person-to-person (P2P) and P2M (person-to-merchant) transactions.
UPI will allow transactions of USD 457 billion in 2020, which is equivalent to approximately 15% of India's GDP.
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