The India-UAE digital payments partnership entered a new phase in 2024 with the expansion of Unified Payments Interface (UPI), an Indian instant payment and financial messaging system developed by the National Payments Corporation of India (NPCI).

In an exclusive commentary for TV BRICS, Ritesh Shukla, Managing Director & CEO of NPCI International, stated that the commission has partnered with leading merchant acquirers in the UAE to ensure broad market coverage and payment system compatibility.

“Nearly 6 million Indian tourists visit the UAE every year, making them the largest group of international visitors. This demographic presents a substantial opportunity for local merchants to capture spending from a digitally savvy and high-potential customer base,” Ritesh Shukla noted.

According to the expert, this foundational work is critical to building a seamless and scalable payment ecosystem for Indian travellers.

Besides, Dubai and Abu Dhabi international airports are key transit points for Indians travelling west. This gives merchants an additional opportunity to connect with Indian visitors.

“Depth and breadth are the two words that aptly describe the strategic nature of the India-UAE engagement. The enablement of true interoperability between payment systems in both countries not only benefits the Indian diaspora but also strengthens the broader financial and retail ecosystems on both sides”

Ritesh Shukla Managing Director & CEO of NPCI

According to official statistics provided by NPCI, India today has a global diaspora of over 30 million people who travel internationally for work, education, and leisure. With the rapid growth in foreign passport issuance, Indians are poised to become one of the world’s largest outbound tourist groups.

Ritesh Shukla claimed that efforts are also underway with central agencies to facilitate seamless, real-time cross-border remittances between the two countries, aimed at improving transparency and access along one of the world’s largest remittance corridors.

Reported from Mumbai by TV BRICS website editor Alisa Koroleva.

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