NPCI Launched UPI Based Payment Service at NEOPAY Terminals in the Arab Nation

Recently, Nepal adopted the Unified Payment Interface (UPI) for digital transactions. At starting of this year, Bhutan also launched a BHIM-UPI-based payment service for digital transactions.

This new initiative helps hundreds of Indians in UAE to make payments safely and conveniently using BHIM UPI across NEOPAY-enabled shops and merchant stores. The BHIM UPI has emerged as the preferred mode of payment for Indian citizens, as it recorded $1 trillion worth of transactions in the financial year 2021-22.

To establish this initiative, last year NIPL partnered with the NEOPAY - the payment subsidiary of Mashreq Bank to create the required infrastructure in the UAE. This partnership will play a key role in transforming the P2M payment experience for Indian travellers in the UAE. NIPL is leveraging 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.

UPI is an instant real-time simple, safe, cost-effective mobile-based payments system developed by the National Payment Corporation of India (NPCI) for facilitating inter-bank transactions. 

   Important points for the exam:

• NPCI International Payments Ltd (NIPL) introduced BHIM UPI’ based payments at NEOPAY terminals in the United Arab Emirates (UAE).
• This new initiative will help hundreds of Indians in UAE to make payments safely and conveniently using BHIM UPI across NEOPAY-enabled shops and merchant stores.
• The BHIM UPI has emerged as the preferred mode of payment for Indian citizens.
• Last year NIPL partnered with the NEOPAY - the payment subsidiary of Mashreq Bank to create the required infrastructure in the UAE.
• Recently, Nepal adopted the Unified Payment Interface (UPI) based payments for digital transactions in its country.

    Facts to know:

• NPCI International Payments Limited (NIPL) was established on April 3, 2020 for RuPay and UPI payments done outside of India.
• It is wholly owned subsidiary of National Payments Corporation of India (NPCI).
• Capital United Arab Emirates (UAE): Abu Dhabi.
• Official Currency of UAE: United Arab Emirates dirham.