New Delhi: NPCI International Payments Limited, the international arm of the National Payment Corporation of India (NPCI), will ink an agreement with Al Etihad Payments on October 5 in Abu Dhabi to facilitate cross-border transactions, an official of NPCI International Payments Limited said.
The Memorandum of Understanding (MoU) will involve collaboration between the two countries on the development of a domestic card scheme in UAE based on India's RuPay debit and credit card stack, the official added.
The agreement will be signed in the presence of Commerce and Industry Minister Piyush Goyal, who will be leading a business delegation to Abu Dhabi from October 5 to October 6.
Goyal will co-chair the eleventh meeting of India-UAE high-level task force on investments along with Sheikh Hamed Bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority.
The meeting will be attended by Mohamed Hassan Alsuwaidi, Minister of Investment, MD and CEO of ADQ, Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Khaled Mohamed Balama, Governor of the Central Bank of the UAE and ambassadors of both countries (Abdulnasser Alshaali, UAE Ambassador to India, and Sunjay Sudhir, Ambassador of India to UAE), the official informed.
In 2023, UPI and Singapore's PayNow signed an agreement, allowing users in both the countries to make cross-border transactions. Also, UAE, Bhutan, and Nepal have already adopted the UPI payment system.
NPCI international is also in talks to extend the UPI services in the US, European countries, and West Asia. In 2022, the National Payments Corporation of India (NPCI), the umbrella organisation that offers UPI services, signed an MoU with France's fast and secure online payment system, called Lyra, the official added.
Goyal will also hold bilateral meetings with Khaldoon Al Mubarak, CEO and MD, Mubadala, besides members of the UAE-India Business Council, top business leaders from both the countries, and major food importers from GCC (Gulf Cooperation Council) and Egypt.
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