NPCI International Payments Ltd (NIPL), the international arm of the National Payments Corporation of India (NPCI), has announced a strategic partnership with UAE-based fintech Magnati to enable Unified Payments Interface (UPI) transactions for Indian visitors in the United Arab Emirates (UAE).
The collaboration will initially allow QR-based UPI payments at Dubai Duty Free, with plans for broader adoption across key sectors like retail, hospitality, transport, and supermarkets. This initiative is set to benefit over 12 million Indians traveling to the UAE annually, enhancing their payment experience through seamless, real-time digital transactions.
In India, UPI has witnessed unprecedented success, processing over 16 billion transactions in December alone. NIPL aims to replicate this success globally, aligning with its vision of building a worldwide digital payments acceptance network.
“This partnership strengthens economic and cultural ties between India and the UAE while empowering Indian travelers with a superior payment experience abroad,” said Ritesh Shukla, CEO, NIPL.
Currently, UPI payments are accepted in seven countries, including Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France, with more than 20 apps such as BHIM, PhonePe, Paytm, and Google Pay supporting international transactions.
Additionally, NIPL is collaborating with countries like the UAE and Mauritius to develop a card scheme similar to RuPay. It is also exploring international peer-to-peer (P2P) and peer-to-merchant (P2M) payment use cases and participating in Project Nexus, a multilateral initiative under the Bank for International Settlements (BIS) to connect instant payment systems across nations.
This partnership marks a significant step in extending UPI’s global footprint while fostering closer economic collaboration between India and its international partners.
To know more about the latest trends and developments taking place in the Fintech space, join us at Elets World Fintech Summit, taking place in April 2025, in Bengaluru.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
