August 23, 2021
1 min read

NPCI’s global arm partners Mashreq Bank for UPI payments

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).

ALSO READ: Biden thanks UAE for evacuation operations in Afghanistan

Previous Story

ADFD marks 50th anniversary of founding

Next Story

260 Afghan Sikhs stranded in Kabul Gurdwara

Latest from -Top News

India-EU Trade Talks Resume

The proposed India-EU FTA covers 23 policy areas, or chapters, of which at least two – market access and rules of origin – have yet to be resolved….reports Asian Lite News India

India Launches Relief Ops in Bhutan

The Royal Government of Bhutan has expressed sincere gratitude to the Indian Army…reports Asian Lite News Amid unprecedented floods caused by a low-pressure system over the Bay of Bengal, relentless rainfall has

Jaishankar Hints at Tariff Deal with US

Jaishankar explained that the ongoing trade tensions largely stem from the inability of both sides to reach a common ground on several issues….reports Asian Lite News External Affairs Minister S. Jaishankar on

Rajnath Singh Heads to Australia for Key Defence Talks

The visit comes at a historic moment when India and Australia commemorate five years of establishment of India-Australia Comprehensive Strategic Partnership…reports Asian Lite News Defence Minister Rajnath Singh will visit Australia from

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with
Go toTop

Don't Miss

Iran all set to import Russian oil

The deal also includes the completion of gas pipelines from

Global Cyclists Gear Up for UAE’s Major Cycling Events in 2025

The third edition of the UAE Tour Women the only