NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI), has partnered with the UAE (United Arab Emirates)-based Mashreq Bank to provide the Unified Payments Interface (UPI), the mobile-based real-time payment system, in the UAE.
- The partnership will support more than 2 million Indians, who are travelling to the UAE to make payments using UPI for their purchases in shops and merchant stores across UAE.
- The acceptance of UPI would boost the digital payment ecosystem in the UAE and also enable the wider reach of UPI in the international markets.
Partnership with Bhutan:
i.In July 2021, NIPL in partnership with the Royal Monetary Authority (RMA) of Bhutan implemented the Bharat Interface for Money (BHIM) UPI QR-based payments in Bhutan.
ii.Bhutan became the 1st country to adopt India’s UPI standards for its QR deployment. Click here to know more
About Unified Payments Interface (UPI):
i.It is an instant payment system developed by NPCI and it was built over the Immediate Payment Service (IMPS) infrastructure.
ii.It allows the users to instantly transfer money between any two parties’ bank accounts ( i.e. the inter-bank transactions) without revealing details of one’s bank account to the other.
iii.The real-time payments technology UPI provides security in both person to person (P2P) and person to merchant (P2M) transactions.
iv.In 2020, UPI allowed transactions worth $457 billion, which is equivalent to ~15 percent of India’s Gross Domestic Product (GDP).
Recent Related News:
In June 2021, Satin Creditcare Network Limited (SCNL), a Microfinance Institute(MFI) and HSBC India, banking partner of SCNL made a partnership with NPCI to integrate NPCI’s UPI AutoPay platform into their system, to enable fully automated loan EMI payments (Recurring Payments) by its customers.
About NPCI International Payments Limited (NIPL):
It is a wholly-owned subsidiary of NPCI, devoted to the deployment of NPCI’s indigenous, Real-Time Payment System – UPI and Card Scheme – RuPay, outside India.
Establishment – April 3, 2020
Headquarters – Mumbai, Maharashtra
CEO – Ritesh Shukla
About Mashreq Bank:
Headquarters – Dubai, UAE
Group CEO – Ahmed Abdelaal
