NPCI International Payments Ltd (NIPL), the International arm of the National Payment Corporation of India has announced that BHIM UPI is now live at NEOPAY terminals, across the UAE. This initiative will empower millions of Indians who travel to the UAE, to safely and conveniently make payments using BHIM UPI. NIPL and NEOPAY, the payment subsidiary of Mashreq bank, partnered last year to create the acceptance infrastructure in the UAE.
With the acceptance of BHIM UPI in the UAE, Indian tourists can now make seamless payments through BHIM UPI across NEOPAY enabled shops and merchant stores. This partnership will play a key role in transforming the P2M payment experience for Indian travellers in the UAE. The implementation of the BHIM UPI in the UAE is a stepping stone toward providing a major boost to digital payments in the country.
About the Unified Payments Interface:
Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India for facilitating inter-bank transactions. The simple, safe, cost-effective mobile-based payments system has become one of the most prominent forms of digital payments. In the Financial year 2022 (FY22), UPI enabled 45.6 Billion transactions, worth USD 1 Trillion, making it the best performing real-time payment eco-system in the world.
Important takeaways for all competitive exams:
- NPCI International Payments Ltd Establishment: 2020;
- NPCI International Payments Ltd Headquarters: Mumbai, Maharashtra;
- NPCI International Payments Ltd CEO: Ritesh Shukla.