UAE-based fintech Network International has signed a Memorandum of Understanding (MoU) with India-based NPCI International to discuss the acceptance of Unified Payments Interface in the UAE.
The proposed collaboration will benefit Indian travellers visiting the UAE by allowing them to make payments seamlessly through UPI-based mobile applications leveraging Network’s payment infrastructure and network. The proposed rollout of UPI mobile payment solutions on Network International’s merchant network in the UAE is expected to commence in the first quarter of 2022 across the company’s retail merchant partner outlets.
UPI is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. In 2020, UPI facilitated transactions worth USD 457 billion, which is equivalent to approximately 15% of India’s GDP, according to the press release.
Earlier this year, Network International also announced its acceptance of India’s payment scheme, RuPay, to enhance the range of payment schemes acceptance and business for UAE merchants.