New Delhi: Indian travellers can now make payments using UPI in UAE. The National Payments Corporation of India (NPCI) has partnered with the Mashreq Bank’s NEOPAY to enable UPI-based payments in the Gulf Nation. The UAE has a humongous population of Indian expats and having UPI as one of the payment methods would make it so much simpler for Indian travellers to make payments in the country. Back in 2021, the UPI services were launched in Bhutan in collaboration with its central bank, the Royal Monetary Authority.
Here is how UPI in UAE works
It is important to note that UPI payments will only be possible in UAE shops that have NEOPAY terminals. The user should have a bank account with an Indian bank account along with a mobile app like BHIM that supports UPI payments. Currently, UPI payments are accepted in Bhutan and Nepal. It is likely to go live in Singapore by the end of this year.
Vibhor Mundhada, CEO, NEOPAY said, “The UAE is consistently one of the top source markets for Indian travelers and our collaboration with NIPL will enable thousands of Indian tourists who visit the UAE every year to enjoy safe and seamless transactions.”
How does UPI work?
If you are oblivious to UPI, you should know that it was launched in 2016. It is a digital payment method that has revolutionised the Indian payment ecosystem. The UPI Platform was developed by NPCI and regulated by the Reserve Bank of India (RBI). To make UPI payments, you need a smartphone, a bank account, a number linked to your bank account and, most importantly, an active internet connection.
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