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Historic MoU Signed to launch India’s Rupay debit card in Oman

National Payments Corporation of India (NPCI) and Central Financial institution Of Oman signed a historic MoU to launch the Rupay debit card in Oman, paving the best way for a brand new period of monetary connectivity.

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What The Govt Said:

Minister of State for External Affairs V. Muraleedharan witnessed the signing of the MoU and met Tahir Al Amri, Govt President, Central Financial institution of Oman. MoS Muraleedharan arrived within the capital metropolis of Oman, Muscat for a two-day go to to deepen ties between each nations. Terming the MoU as a brand new milestone in bilateral relations, Minister of State for Exterior Affairs V. Muraleedharan tweeted, “Blissful to satisfy with H.E. Tahir Al Amri, Govt President, Central Financial institution of Oman & witness signing of the historic MOU between CBO and NPCI to launch the Rupay debit card in Oman, paving the best way for a brand new period of monetary connectivity.”

Targeting UPI As A Global Leader:

If you happen to travel to the UK , UAE or neighbouring Bhutan, Nepal, your checkout experience at merchant outlets will be as seamless as ‘scan and go.’ You do not need a forex card or a credit card or cash because the UPI App will take you through the checkout process safely from a merchant outlet. NPCI’s global subsidiary signed up with Bhutan’s central bank to enable the usage of the UPI-powered BHIM App. Bhutan will be the first nation to adopt UPI standards for its QR deployment. This August, NIPL signed an MoU with the UK’s payments solutions provider PayXpert to make the UPI-based QR code solutions available in the UK on all PayXpert’s Android POS devices for in-store payments.

UPI acceptance has also gone live with the UAE’s Mashreq Bank, which deploys QR code in UAE.  In the P2M space, Indian travellers and tourists in the UAE can now make payments through BHIM UPI across 10,000 shops and merchant stores via NEOPAY, the payment subsidiary of Mashreq Bank. In November, NIPL also tied up with the UAE’s largest merchant acquirer–Network International–to help Indian travellers visiting the UAE by allowing them to make payments seamlessly through UPI-based mobile applications in retail merchant partners, such as jewellers, supermarkets, and duty-free shops. By the end of this year, five Southeast Asian goliaths–Malaysia, Singapore, Indonesia, Thailand, and the Philippines–will sign a contract to combine their respective QR code payment systems. This will pave the way for merchant payments via QR codes throughout the region.

India-Oman Relations:

As per the Embassy of India in Oman, there are about 624,000 Indians in Oman, of which about 4,83,901 are staff and professionals, as of Might 2021. There are Indian households residing in Oman for greater than 150-200 years. Furthermore, the 2 international locations maintain robust financial, business and cultural ties.

The Union Minister final visited Oman on 15-17 December 2020. Apart from, there was sustained and frequent change of high-level visits between each international locations. In 2018, Prime Minister Narendra Modi additionally visited Oman, whereas External Affairs Minister S Jaishankar visited Oman in 2019. In latest months, International Minister of Oman Sayyid Badr al-Busaidi visited India in March 2022, and Qais bin Mohammed al Yousef, Minister of Commerce, Trade and Funding Promotion visited India in Might 2022.

India and Oman share heat and pleasant relations underpinned by historic and cultural linkages and powerful people-to-people ties. As per the MEA assertion, the go to will present a possibility to comprehensively assessment the state of bilateral relations between India and Oman and to chart pathways to additional deepen and strengthen them.

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