UPI in UAE: India and the United Arab Emirates (UAE) have recently signed several agreements to integrate their respective countries’ instant payment systems – UPI and AANI (the UAE’s online payment system). Actually, Prime Minister Narendra Modi is on a tour of UAE, where he has taken many big decisions including UPI integration of both the countries.
RuPay launched in UAE
prime minister of India Narendra Modi Has also launched Rupay card in UAE. Actually, both India and UAE have decided to link their respective domestic debit and credit cards. This means that now India’s RuPay card and UAE’s JAYWAN card will be linked together, which will make it easier for the citizens of both the countries to make online payments or do shopping in each other’s countries or avail all the card related facilities.
The objective of these agreements is to ease cross-border digital transactions between the two countries. Talking about the importance of these agreements, PM Modi said, “Linking RuPay and JAYWAN card can usher in a new era in the fintech sector, which will lead to better financial cooperation.” Apart from this, both the countries have also signed a Memorandum of Understanding (MoU) to promote cooperation in digital infrastructure projects.
UPI facility available in 7 countries
It is noteworthy that last year, the Reserve Bank of India (RBI) and the Central Bank of UAE had signed an agreement to link UPI with the UAE’s Instant Payment Platform (IPP). Let us tell you that before these developments in UAE, UPI services were recently started in Sri Lanka and Mauritius also. This has made it much easier for Indian citizens to do digital transactions. Let us tell you that UPI facility is available in seven countries including Nepal, Bhutan, Singapore, France, Mauritius and Sri Lanka.