An official stated NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, will sign an agreement with Al Etihad Payments on Thursday in Abu Dhabi to simplify cross-border transactions.
“The MoU (Memorandum of Understanding) would be signed on the establishment of the UAE’s domestic card scheme based on India’s RuPay debit and credit card stack”, the official continued.
The agreement will be linked in the presence of Commerce and Industry Minister Piyush Goyal, who will head a corporate delegation to Abu Dhabi from October 5 to October 6.
Goyal, together with Sheikh Hamed Bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority, will co-chair the eleventh meeting of the India-UAE High-Level Task Force on Investments.
Mohamed Hassan Alsuwaidi, Minister of Investment, MD and CEO of ADQ; Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Khaled Mohamed Balama, Governor of the Central Bank of the UAE; and Ambassadors of both countries (Abdulnasser Alshaali, UAE Ambassador to India, and Sunjay Sudhir, Ambassador of India to UAE) will attend the meeting.
Goyal will also meet with Khaldoon Al Mubarak, CEO and MD, Mubadala, as well as members of the UAE-India Business Council, top business leaders from both countries, and significant food importers from GCC (Gulf Cooperation Council) and Egypt.
The National Payments Corporation Of India (NPCI), the umbrella organization that provides UPI services, signed an MoU in 2022 with Lyra, France’s fast and secure online payment system.
In 2023, UPI and Singapore’s PayNow signed an agreement that will allow users in both countries to conduct cross-border transactions.
The UPI payment system has already been used by the UAE, Bhutan, and Nepal.
NPCI International is in talks to expand UPI services in the United States, Europe, and West Asia.
UPI is an NPCI-developed instant real-time payment system that facilitates inter-bank transactions.
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