UAE advances towards UPI adoption, revolutionizing digital payments for Indian tourists
Jul 07, 2024
A landmark development is underway. The UAE is making steady progress toward adopting India’s Unified Payments Interface, or UPI. This move is set to revolutionize digital transactions for Indian tourists and residents in the Emirates. Earlier this year, in February, Prime Minister Narendra Modi and UAE President Sheikh Mohammed Bin Zayed Al Nahyan officially launched UPI services in Abu Dhabi. This marks a significant milestone in India-UAE relations, showcasing their commitment to enhancing financial connectivity and digital innovation.
Following the leaders’ initiatives, Mashreq, a leading financial institution in the MENA region, partnered with the National Payments Corporation of India to integrate UPI-enabled apps like PhonePe with their NEOPAY payment platform in March 2024. This collaboration allows Indian travellers to use their preferred UPI apps for transactions across retail stores, dining outlets, and tourist attractions in the UAE. By combining PhonePe’s technology with Mashreq’s to top-tier tech and innovation, this partnership promises to enhance the customer experience at NEOPAY terminals.
The adoption of UPI in the UAE extends beyond convenience for Indian tourists. It’s a significant step toward achieving the economic goals of both nations, including their non-oil trade targets. The UAE’s economy, known for its robust trade relations and dynamic business environment, stands to benefit immensely from the seamless transaction capabilities that UPI brings. The timing of this initiative couldn’t be better. The UAE is expecting 5.29 million Indian visitors in 2024, representing a substantial number of potential UPI transactions. These figures highlight the enormous potential for economic exchange and the pivotal role that UPI can play in facilitating this flow.
