NPCI and Magnati Partner to Boost UPI Use in UAE
NPCI International Payments Ltd (NIPL), the international arm of India’s National Payments Corporation of India (NPCI), has partnered with UAE-based fintech firm Magnati to enable Unified Payments Interface (UPI) transactions for Indian travelers in the UAE. This collaboration aims to integrate UPI into the UAE’s payment ecosystem, allowing Indian visitors to use their preferred payment method seamlessly.
Partnership Overview: The alliance with Magnati will facilitate QR-based UPI merchant payments through point-of-sale (POS) terminals across the UAE, enhancing the payment experience for Indian travelers.
Initial Implementation: UPI acceptance is set to launch at Dubai Duty Free, with plans for future expansion across various sectors, including retail, hospitality, transport, and supermarkets.
Market Impact: This initiative is expected to serve over 12 million Indians visiting the UAE annually, providing a familiar and efficient payment method for transactions abroad.
UPI’s Global Reach: UPI, India’s real-time payment system, processed more than 16 billion transactions in December 2024 alone. Currently, UPI payments are accepted in seven countries, including Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France.
Future Plans: NIPL is working with countries such as the UAE and Mauritius to develop card schemes similar to RuPay, aiming to enhance cross-border payment solutions.
Magnati is at the forefront of the payment solutions industry, specializing in direct acquiring, issuer processing, and acquiring processing. It provides government, merchant, and institutional clients with an intelligent payments platform, leveraging next-generation technology to enhance customer experiences and improve operational efficiency. The Magnati brand is dynamic, innovative, and poised to redefine the payments landscape by turning payment challenges into opportunities.
Based in Abu Dhabi, Magnati has built an extensive network and strong relationships that position it as a global player in the payments industry. This international presence allows the company to form strategic partnerships, set new standards for innovation, and deliver transformative solutions that cater to the evolving needs of businesses worldwide.
NPCI International Payments Limited (NIPL) was established on April 3, 2020, as a fully owned subsidiary of the National Payments Corporation of India (NPCI). NIPL is responsible for taking NPCI’s homegrown payment innovations—such as the Unified Payments Interface (UPI) and RuPay card scheme—beyond India’s borders. It focuses on deploying these technologies to countries looking to implement real-time payment systems or domestic card networks.
By leveraging its domestic success, NPCI aims to provide international markets with advanced technological solutions for payment systems. NIPL offers expertise, consulting, and licensing for building state-of-the-art payment infrastructures that align with the fast-paced demands of global businesses. The mission of NIPL is to facilitate seamless payment solutions not only for Indians but also for other nations, enhancing their payment systems through cutting-edge technology and strategic partnerships.
| Why in News | Key Points |
|---|---|
| NPCI International partners with Magnati to enable UPI for Indian travelers in UAE | – Partnership between NPCI International and Magnati to facilitate UPI payments in the UAE for Indian travelers. – First launch at Dubai Duty Free. – Over 12 million Indian visitors annually to benefit. – Expansion plans in retail, hospitality, and transport sectors in the UAE. – UPI currently accepted in 7 countries (India, Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, France). |
| NPCI International | – NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI). |
| Magnati | – UAE-based fintech firm facilitating UPI payment acceptance across the UAE. |
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