The agreement between Network and NIPL will benefit Indian travellers visiting the UAE by allowing them to make seamless mobile payments using their preferred QR-based digital wallets, supported by UPI technology, across Network’s retail merchant partner outlets, including those in sectors such as jewellery, supermarkets, hospitality, duty-free retailers, etc.
UPI is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. UPI provides instant person-to-person (P2P) and person-to-merchant (P2M) transactions. In 2021, UPI facilitated transactions worth USD 940 billion, which is equivalent to approximately 31% of India’s GDP, according to the press release.
Commenting on the agreement, Netwok International’s officials said that they look forward to working closely with NPCI International, to facilitate acceptance of UPI-powered QR-based digital wallets across Network’s merchants in the UAE. As an acquirer, it continues to be their endeavour to support and augment new payments methods across the UAE.
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