Now Indian travelers or NRIs in UAE will make Unified Payments Interface (UPI) payments through QR code through Point of Sale machines….reports Asian Lite News
The Indian Government has been pushing UPI globally for faster digital payments. Now, UPI will be available in the Middle East country UAE as well.
NPCI International Payments Limited has partnered with Network International, a large digital commerce company in the Middle East and Africa for this.
Now Indian travelers or NRIs in UAE will make Unified Payments Interface (UPI) payments through QR code through Point of Sale machines.
NPCI International CEO Ritesh Shukla said that the increasing acceptance of UPI payments among UAE merchants will be convenient not only for Indian travellers, rather, it will promote innovative digital payment solutions at the international level.
According to the NPCI release, “The number of Indian travelers in the Gulf Cooperation Council (GCC) is estimated to reach 98 lakh in 2024. Around 53 lakh Indians are likely to reach UAE alone.”
The Government of India, the Reserve Bank of India (RBI), and NPCI International are working together to promote UPI on the global platform.
UPI is officially accepted in Nepal, Sri Lanka, Mauritius, UAE, Singapore, France, and Bhutan.
According to NPCI data, the number of transactions on the UPI platform in June was 13.9 billion.
It has seen an increase of 49 per cent on an annual basis.
The reason for the increase in UPI transactions is the linking of RuPay credit card with UPI and the launch of UPI in foreign countries as well.
The transaction volume in June stood at Rs 20.07 lakh crore, 1.9 per cent lower than Rs 20.45 lakh crore in May.
On a YoY basis, the transaction volume surged 36 per cent.
The average daily transaction amount reached Rs 66,903 crore while the average daily transaction count was at 463 million in June. The UPI numbers in the month of May were the highest in terms of value and volume since the UPI came into existence in 2016.
In June, the Immediate Payment Service (IMPS) transaction volume was down by 7 per cent in June at 517 million, as compared to 558 million in May.
Aadhaar Enabled Payment System (AePS) was up by 11 per cent in volume to 100 million in June as against 90 million in May and 95 million in April.
Earlier in the day, the Reserve Bank of India (RBI) joined Project Nexus with the four ASEAN countries to create a platform to facilitate instantaneous cross-border retail payments.
Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect India’s UPI with the fast payment systems of ASEAN members — Malaysia, Philippines, Singapore, and Thailand.
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