Mumbai: NPCI International Payments (NIPL), Global Arm Corporation National Payment of India, has partnered with Mashreq UAE to allow acceptance of the Integrated Payment Interface (UPI) in UAE.
According to a statement by NIPL, this partnership will enable more than 2 million Indians, who travel to UAE every year, to make payments using UPI-based mobile applications in merchant shops.
UPI is an instant real-time payment system developed by NPCI, facilitating inter-bank transactions.
From the perspective of Mashreq, this initiative will allow traders to attract customers who are familiar with cellular-based payment systems.
The bank has witnessed a 20% pick-up growth in the month as a young customer and technology understands trying to use a cellular payment system along with the increasing number of retailers in the UEE who accepted the transaction.
CEO of NIPL Ritesh Shukla said that this is part of the NIPL strategy to take Indian payment solutions to the global market and collaborate with partners who are willing.
“We are very happy with our partnership with Mashreq Bank, which will allow consumers from India to transact using UPI.”