NPCI International Payments Ltd (NIPL), the worldwide arm of the National Payment Corporation of India, has introduced that BHIM UPI is now dwell at NEOPAY terminals throughout the UAE. This initiative will empower tens of millions of Indians who journey to the UAE, to securely and conveniently make funds utilizing BHIM UPI. NIPL and NEOPAY, the fee subsidiary of Mashreq Bank, partnered final 12 months to create the acceptance infrastructure within the UAE.
With the acceptance of BHIM UPI within the UAE, Indian vacationers can now make seamless funds via BHIM UPI throughout NEOPAY enabled outlets and service provider shops. This partnership will play a key position in remodeling the P2M fee expertise for Indian vacationers within the UAE. The implementation of BHIM UPI within the UAE is a stepping stone towards offering a significant increase to digital funds within the nation.
Commenting on the identical, Ritesh Shukla, CEO, NIPL, mentioned, “We are glad to witness BHIM UPI going live in the UAE through our partnership with NEOPAY. This initiative will enable Indian tourists to perform payments using BHIM UPI which has emerged as the preferred mode of payment of Indian citizens. NIPL is consistently working towards simplifying digital payments and driving digital public goods across the globe with our cutting-edge solutions. We are dedicated to building a vast global acceptance network for UPI to ensure seamless user experiences when it comes to payments.”
Vibhor Mundhada, CEO, NEOPAY, mentioned, “Our partnership with NIPL is further evidence of our commitment to leverage the latest cutting-edge technology to provide innovative payment solutions for our customers and allowing them to take full advantage of the thriving digital economy. The UAE is consistently one of the top source markets for Indian travelers and our collaboration with NIPL will enable thousands of Indian tourists who visit the UAE every year to enjoy safe and seamless transactions.”
UPI is an instantaneous real-time fee system developed by the National Payments Corporation of India for facilitating inter-bank transactions. The easy, secure, cost-effective mobile-based funds system has change into one of the vital distinguished types of digital funds. In the Financial Year 2022 (FY22), UPI enabled 45.6 billion transactions, price $1 trillion, making it the perfect performing real-time fee eco-system on the earth.
Source: www.financialexpress.com”