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.