NPCI to Sign Pact With Al Etihad Payments, Enabling Indian Expatriates in the UAE to Make Payments to India Using India's RuPay debit and credit cards.
Indian expatriates in the UAE will soon be able to make payments to India using India”s RuPay debit and credit cards, as NPCI International Payments Ltd is set to sign a pact with Al Etihad Payments on Thursday in Abu Dhabi. The pact also includes provisions for the UAE to develop a domestic card scheme based on India”s RuPay debit and credit card stack, according to a report by PTI.
The signing of the agreement is scheduled to take place in Abu Dhabi on October 5 and 6, in the presence of Piyush Goyal, the Minister of Commerce and Industry, who is leading a business delegation. The commerce ministry has issued a statement indicating that India and the UAE will discuss issues and challenges to existing investments in each other”s countries. The statement also mentions that the meeting will review the outcomes achieved through the work of the Joint Task Force to date.
The two sides will continue exploring ways to facilitate investment in areas of mutual interest with the potential for economic growth. Goyal, along with Sheikh Hamed Bin Zayed Al Nahyan, managing director of Abu Dhabi Investment Authority, will co-chair the eleventh meeting of the India-UAE High-Level Task Force on Investments (HLTFI).
In addition, the Indian commerce minister is holding bilateral meetings with Mubadala”s CEO and MD Khaldoon Al Mubarak, along with members of the UAE-India Business Council, to promote business ties between the two countries.
According to the report, UAE-based investment companies have pumped $16 billion in foreign direct investment (FDI) into India over the first three years of the decade. This accounts for 2% of the total FDI directed towards the country. Additionally, bilateral trade between the two countries jumped to $84.9 billion in 2022-23 from $72.9 billion in 2021-22.
In 2022, the National Payments Corporation of India (NPCI), the parent company of UPI services, had signed a Memorandum of Understanding (MoU) with France”s online payment system Lyra.
