New Delhi . NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), has announced a strategic partnership with United Arab Emirates (UAE) based payment solutions provider 'Magnati'.
Under this partnership, Indians visiting the West Asian country will be given the facility to use UPI for transactions.
According to NIPL, the collaboration with fintech firm Magnaty will enable QRbased UPI merchant payments through pointofsale (POS) terminals in the UAE. With this partnership, NIPL can provide easy payment options to over 1.20 crore Indians traveling to Dubai and UAE every year.
With the integration of the Indian solution into the global payments network, UAE merchants will be able to benefit from serving the growing Indian customer base. This partnership will initially provide UPI acceptance in Dubai Duty Free, improving the shopping and payment experience of Indian tourists. This move will pave the way for future expansion in key merchant categories such as retail, hospitality, transportation, supermarkets, among others.
UPI is considered one of the most successful realtime payment systems in the world. According to recent information provided by the National Payments Corporation of India (NPCI), the number of transactions through UPI increased by 8 percent on a monthly basis in December to a new record high of 16.73 billion.
The value of UPI transactions increased by 8 percent on a monthly basis to Rs 23.25 lakh crore in December, which was Rs 21.55 lakh crore in November. At the same time, the number of UPI transactions for the entire 2024 has increased by about 46 percent to 172 billion compared to 118 billion in 2023. During this period, the value of UPI transactions has increased by 35 percent to Rs 247 lakh crore, which was Rs 183 lakh crore in 2023.
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Image Credit: KhasKhabar.