NPCI international and NEOPAY, payment subsidiary Mashreq Bank collaborated to offer the acceptance of BHIM UPI in the UAE
The initiative will enable millions of Indian travellers to seamlessly be able to pay for their purchases in UAE using BHIM UPI
Bengaluru: NPCI International Payments Ltd (NIPL), the International arm of the National Payment Corporation of India has announced that BHIM UPI is now live at NEOPAY terminals, across the UAE. This initiative will empower millions of Indians who travel to the UAE, to safely and conveniently make payments using BHIM UPI. NIPL and NEOPAY, the payment subsidiary of Mashreq bank, partnered last year to create the acceptance infrastructure in the UAE. This partnership will play a key role in transforming the P2M payment experience for Indian travellers in the UAE. The implementation of the BHIM UPI in the UAE is a stepping stone toward providing a major boost to digital payments in the country.
With the acceptance of BHIM UPI in the UAE, Indian tourists can now make seamless payments through BHIM UPI across NEOPAY enabled shops and merchant stores.
Mr Ritesh Shukla, CEO, of NIPL said, “We are glad to witness BHIM UPI going live in the UAE through our partnership with NEOPAY. This initiative will enable Indian tourists to perform payments using BHIM UPI which has emerged as the preferred mode of payment of Indian citizens. NIPL is consistently working towards simplifying digital payments and driving digital public goods across the globe with our cutting-edge solutions. We are dedicated to building a vast global acceptance network for UPI to ensure seamless user experiences when it comes to payments.”
Mr Vibhor Mundhada, CEO, NEOPAY, said, “Our partnership with NIPL is further evidence of our commitment to leverage the latest cutting-edge technology to provide innovative payment solutions for our customers and allow them to take full advantage of the thriving digital economy. The UAE is consistently one of the top source markets for Indian travellers and our collaboration with NIPL will enable thousands of Indian tourists who visit the UAE every year to enjoy safe and seamless transactions.”
UPI is an instant real-time payment system developed by the National Payments Corporation of India for facilitating inter-bank transactions. The simple, safe, cost-effective mobile-based payments system has become one of the most prominent forms of digital payments. In the Financial year 2022 (FY22), UPI enabled 45.6 Billion transactions, worth USD 1 Trillion, making it the best performing real-time payment eco-system in the world.
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa, and the US, and a strong presence in the financial capitals of the world.
As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for the Financial Institutions, Market Leader by Trade Finance Survey in the UAE and the Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.