As part of its Financial Infrastructure Transformation (FIT) programme introduced in 2023, CBUAE’s launch of Al Etihad Payments aims to implement a payments infrastructure allowing licensed financial institutions and payment service providers to further enhance customer experience through advanced payment solutions.
Scheduled to launch in early 2024, the DCS will aim to facilitate the growth of ecommerce and digital transactions in the UAE. Its mission encompasses promoting financial inclusion, aligning with the nation's digitalisation goals, increasing alternative payment options, reducing the cost of payments, and enhancing the UAE’s competitiveness and position as a player in global digital payments.
The press release states that NIPL was commissioned for this initiative following a comprehensive selection process that gauged the capacity of its solution to meet the needs of consumers and merchants. In addition, NIPL's ability to construct an integrated financial infrastructure was an important factor. NIPL will operate the DCS and provide fraud monitoring and data analysis support.
About NPCI International
NPCI International Payments (NIPL) is a wholly owned subsidiary of National Payments Corporation of India (NPCI). As the international arm of NPCI, NIPL is devoted to the deployment of NPCI’s real-time payment system – Unified Payments Interface and card scheme – RuPay, outside of India.
NPCI has developed its product and technological capabilities in the domestic market by reshaping the payment segment in India. Several countries want to establish a real-time payment system or domestic card scheme in their own country. NIPL can offer these countries technological assistance through licensing, and consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL is focused on transforming payments across the globe with the use of technology and innovation.
In October 2023, NIPL
partnered with a global payment platform, Paymentwall, to offer UPI as a payment method for US and UK-based clients. The collaboration aims to introduce the Unified Payments Interface (UPI) as a payment option for ecommerce merchants. According to the official press release, the alliance between NIPL and Paymentwall represents an important move into foreign markets for NIPL while integrating India's UPI system into Paymentwall's Alternative Payment Method (APM) offerings worldwide. Additionally, Paymentwall will cooperate with NIPL to expand UPI's coverage in other key global markets.
