The Indian government is promoting UPI (Unified Payments Interface) worldwide for quicker digital payments. It has now been officially announced that UPI will also be introduced in the UAE market. NPCI International Payments Limited has collaborated with Network International, a major digital commerce company in the Middle East and Africa, to facilitate this expansion so that Indians could shop from UAE merchants smoothly, without any trouble.
Now Indians who are travelling to UAE, or who are NRIs residing in UAE will be able to make UPI payments via scanning the QR code via Point of Sale machines.
Ritesh Shukla, CEO of NPCI International said that the increasing acceptance of UPI payments among UAE merchants will be convenient not only for Indian travellers but also, it will promote innovative digital payment solutions at the international level.
According to the NPCI release, "The number of Indian travelers in the Gulf Cooperation Council (GCC) is estimated to reach 98 lakhs in 2024. Around 53 lakh Indians are likely to reach UAE alone."
The Government of India, the Reserve Bank of India (RBI), and NPCI International are working together to promote UPI on the global platform.
UPI is officially accepted in countries like Nepal, Sri Lanka, UAE, Singapore, Mauritius, Bhutan and France.
According to NPCI data, the number of transactions on the UPI platform in June was 13.9 billion.
It has seen an increase of 49 per cent on an annual basis.
During this period, the average number of transactions through UPI was 463 million per day and the average transaction value was Rs 66,903 crore per day.
The reason for the increase in UPI transactions is the linking of RuPay credit cards with UPI and the launch of UPI in foreign countries as well.
ALSO READ: OpenAI launches CriticGPT to enhance code quality
OpenAI has unveiled CriticGPT- an advanced AI tool, based on the GPT-4 architecture. The new GPT has been ideally designed to help developers identify and correct errors in code generated by ChatGPT. This innovation further aims to significantly improve the accuracy of AI systems by providing reliable outputs.
Inputs from IANS
