Connect with us

Technology

New Payment Card Scheme will Be Operational Next Year in India-UAE Partnership

The UAE's payment card plan will be ready by the middle of next year, altering the country's financial structures.

This week, a payment card scheme introduced in the UAE will be operational by the middle of the next year, transforming the country’s payment systems and marking a new era in the India-UAE technology partnership.

Offering to the World:

That’s according to Piyush Goyal, India’s Minister of Commerce and Industry, who said: “We have made an offering which we are providing to other parts of the world. 

We are offering it to other countries like the UAE, Singapore… some of the countries have been first off the block (embrace it) and will benefit from it.”

A strategic partnership agreement has been inked to develop and launch the domestic card scheme of the UAE based on India’s RuPay card stack.

NPCI International Payments Limited (NIPL) Agreement:

NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), inked an agreement with Al Etihad Payments (AEP) for the implementation of the domestic card scheme (DCS) in the UAE.

He stressed that this digital infrastructure framework enables governments, businesses, and individuals to perform electronic transactions seamlessly.

Benefits for Remittances:

“The Indian payment system, the India stack, is truly unique in its security systems, low cost, and speed of transactions. Sometimes, remittances from the UAE to India would take weeks and cost a lot of money.

RuPay Card and the Partnership:

RuPay card is an Indian indigenous equivalent of Mastercard or Visa.

While RuPay is facilitated by the NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association, AEP is an indirect subsidiary of the Central Bank of UAE (CBUAE). As per the agreement, NIPL and AEP will work together to build, implement, and operationalize the UAE’s national domestic card scheme.

Get all the latest update on UAE Times Now

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending