The agreement between Network and NIPL will benefit millions of Indian travellers visiting the UAE by allowing them to make seamless payments using their preferred QR-based digital wallets, powered by UPI technology, across Network’s retail merchant partner outlets - including those in sectors such as jewellery, supermarkets, hospitality, duty-free retailers, etc.
The UAE is among the most popular destinations in the world for Indian tourists, with mega-events such as the Indian Premier League (IPL), T20 Cricket World Cup, and the ongoing Expo 2020 Dubai attracting a record number of Indian visitors.
Commenting on the agreement, Andrew Key, Group Managing Director – Acquiring, Network International said, “We look forward to working closely with NPCI International, to facilitate acceptance of UPI-powered QR-based digital wallets across Network’s merchants in the UAE. As the country’s largest acquirer, it continues to be our endeavor to support and boost new payments methods across the UAE.”
Anubhav Sharma, Deputy Chief - Partnership Business Development & Marketing, NIPL, said, “We are pleased to announce our strategic alliance with Network International at Expo 2020 Dubai. We believe this initiative will transform the payment experience of Indian travellers and Indian community of the UAE, with India’s trusted interoperable payment system - UPI. The UAE is one of our key markets and the full-fledged acceptance of UPI will provide a huge impetus to digital payments in the country. We also feel that our association with Network International will lead by example to the world in terms of taking digital payments to the global arena.”
UPI is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. UPI has become one of the most successful real-time payments (RTP) systems globally, providing easy, safe, and instant person-to-person (P2P) and person-to-merchant (P2M) transactions. In 2021, UPI facilitated transactions worth USD 940 billion, which is equivalent to approximately 31% of India’s GDP.