Rupay cards and UPI QR code payments to be accepted in Oman

This MoU will enable the acceptance of Indian RuPay cards issued by banks in India at all OmanNet network ATMs, POS, and ecommerce sites, as well as reciprocal acceptance of Oman cards/MPCSS in the networks of NPCI in India. The MOU will also enable building partnerships for real-time cross border remittances between India and Oman using UPI rails.

Mutual benefits due to increased cooperation

Reciprocal acceptance of respective payment cards and cooperation in building cutting-edge remittance solutions based on the UPI platform will not only facilitate and promote two-way travel and tourism, but UPI based remittance solutions will also go a long way in facilitating the large Indian diaspora in Oman in sending money back to India seamlessly.

More details on UPI

In recent years, India has emerged as an important player in digital finance and mobile-based payment solutions, with India’s United Payments Interface (UPI) innovating the digital payment space.

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing, and merchant payments into one hood. It also caters to the ‘Peer-to-Peer’ collect request which can be scheduled and paid as per requirement and convenience.

In the month of September 2022, number of transactions on India’s UPI platform crossed 6.78 billion amounting to over USD 135.65 billion. The MOU between NPCI and CBO is a milestone in bilateral relations between India and Oman and will play an important role in strengthening people ties and benefiting both economies.