Indian travellers can now use UPI-based apps to make payments in the UAE. Do you have any idea how? The reason for this is that the National Payments Corporation of India (NPCI) has teamed with Mashreq Bank’s NEOPAY to facilitate UPI-based payments in the Gulf nation. The UAE has a large Indian expat population, and having UPI as one of the payment options will make it much easier for Indian visitors to make payments in the country. Bhutan’s UPI services were launched in 2021 in partnership with the Royal Monetary Authority, the country’s national bank.
When it comes to UPI in the United Arab Emirates, ‘We are pleased to witness BHIM UPI going live in the UAE through our relationship with NEOPAY,’ stated Ritesh Shukla, CEO of NIPL. ‘This project would allow Indian tourists to make payments via BHIM UPI, which has become the preferred payment method for Indian nationals. With our cutting-edge technologies, NIPL is continually working to simplify digital payments and drive digital public goods around the world. We’re committed to expanding UPI’s global acceptance network to offer a consistent user experience when it comes to payments.’
Here’s how UPI works in UAE
It’s important to note that UPI payments will only be accepted in UAE stores with NEOPAY terminals. The user must have an Indian bank account as well as a smartphone app that enables UPI payments, such as BHIM. UPI payments are currently accepted in Bhutan and Nepal. By the end of the year, it is expected to be operational in Singapore. ‘The UAE is regularly one of the top source markets for Indian visitors,’ said Vibhor Mundhada, CEO of NEOPAY, ‘and our relationship with NIPL will enable thousands of Indian tourists who visit the UAE each year to enjoy safe and seamless transactions.’
What is UPI and how does it work?
If you’re new with UPI, it was first introduced in 2016. It’s a digital payment mechanism that’s completely changed the Indian payment landscape. The UPI Platform was created by the National Payments Corporation of India (NPCI) and is governed by the Reserve Bank of India (RBI). You’ll need a smartphone, a bank account, a phone number linked to your bank account, and, most importantly, an active internet connection to conduct UPI payments. BHIM, Paytm, Google Pay, PhonePe, and others are some of the apps that support UPI-based payments.