The international branch of the National Payment Corporation of India (NPCI), NPCI International Payments Ltd (NIPL), has teamed with Mashreq, one of the UAE's top financial institutions, to offer acceptance of the Unified Payments Interface (UPI) in the UAE.
UPI is an instant real-time payment system developed by the National Payments Corporation of India that facilitates inter-bank transactions.
According to a release, this cooperation will allow over 2 million Indians who visit the UAE for business or pleasure to pay for their purchases using UPI-based mobile applications across shops and merchant stores in the UAE.
The collaboration will allow LuLu Financial Holdings, through its affiliates, to connect to UPI infrastructure and facilitate remittances to beneficiaries in India who are onboarded on UPI-powered apps. The solution will help with real-time beneficiary name validation and security compliance checks.
Ritesh Shukla, Chief Executive Officer, NIPL said, "India is the largest recipient of cross-border remittances, receiving around US$ 80 Billion per annum. This partnership with LuLu Financial Holdings (LFH) is aimed at enabling a seamless and convenient cross-border remittances experience through the UPI platform's real-time capabilities. At NIPL, It's our constant endeavor to add value to the lives of consumers in the area of digital payments and we believe this partnership is a step forward in that direction."
According to the statement, UPI is one of the most popular real-time payment systems in the world, offering - ease, safety, and security in both P2P and P2M transactions. UPI will allow transactions worth $457 billion in 2020, which is almost 15% of India's gross domestic product (GDP).
What is NIPL?
NPCI International Payments Limited (NIPL) was established on April 3, 2020, as a wholly-owned subsidiary of the National Payments Corporation of India, after permission by the NPCI Board and the Reserve Bank of India (NPCI). Outside of India, NIPL is dedicated to the deployment of RuPay (a domestic card scheme) and UPI (a mobile payment solution).
NIPL is developing a large RuPay and UPI acceptance network that will allow Indian passengers to pay in their destination countries using these payment methods. With the expansion and expansion of the NIPL network, any Indian travelling to any place in the world would be able to use our services.
NIPL is committed to using technology and creativity to transform payments around the world. It will not only allow Indians to make payments, but it will also help other countries improve their payment capabilities by providing technology assistance, advising, and infrastructure. These countries have potential, but they lack resources, such as financial, technological, and other resources. With its extensive experience and advanced understanding of payments, NIPL is well positioned to fill this void.