In a significant collaboration, Prime Minister Narendra Modi and UAE's President Sheikh Mohamed bin Zayed Al Nahyan jointly introduced the UPI RuPay card service in Abu Dhabi on Tuesday.
President Nahyan initiated the service by swiping a card personalized with his name, symbolizing the commencement of this innovative financial service in the capital.
Expressing enthusiasm for the partnership, Modi remarked on the advent of a new era in FinTech with the launch of the UPI RuPay card and its counterpart, the Jaywan card. He highlighted this milestone as a remarkable achievement in itself during his interaction with President Nahyan.
The leaders oversaw the signing of several bilateral agreements, as detailed by a statement from the Ministry of External Affairs. Notably, an agreement was reached to interlink the instant payment platforms UPI (India) and AANI (UAE), aiming to facilitate seamless cross-border transactions between the two nations. This agreement builds upon the Memorandum of Understanding signed in July of the previous year during Modi’s visit to Abu Dhabi, which focused on interlinking payment and messaging systems.
Additionally, an agreement was signed regarding the inter-linking of domestic debit/credit cards, specifically RuPay (India) with JAYWAN (UAE). This step is crucial in fostering cooperation within the financial sector and promoting the widespread acceptance of RuPay across the UAE.
Earlier announcements revealed that India's UPI payment service would not extend to Mauritius and Sri Lanka. Moreover, on February 2, India officially launched the UPI at the iconic Eiffel Tower in Paris, reflecting Prime Minister Modi's vision of globalizing UPI.
Unified Payments Interface (UPI) stands as an instant payment system originating from India, developed by the National Payments Corporation of India (NPCI) in 2016.
In continuation of his diplomatic engagements, Modi is scheduled to inaugurate the Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS) Mandir, marking the first Hindu temple in Abu Dhabi, on Wednesday, as part of his two-day visit to the Gulf region. Subsequently, he will proceed to Doha, Qatar, further strengthening bilateral ties.
Read Also | Unified Payments Interface (UPI) Goes Global with Launch at the Eiffel Tower in France
