- Wednesday, May 08, 2024
The occasion saw an agreement on interlinking of the instant payment platforms – UPI (India) and AANI (UAE), which will facilitate seamless cross-border transactions between the two countries.
By: Shubham Ghosh
INDIAN prime minister Narendra Modi along with the president of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, on Tuesday (13) launched the UPI (Unified Payments Interface) RuPay card service in Abu Dhabi.
The latter swiped a card embossed with his name to mark the start of the service in the capital of the UAE.
“We are embarking on a new FinTech era with the launch of my UPI RuPay card and your Jaywan card,” Modi said as he met Nahyan and termed it as a big achievement in itself.
The two leaders witnessed the exchange of multiple bilateral agreements, according to a statement from India’s ministry of external affairs.
Read: Modi elated as India’s UPI services launched in Sri Lanka, Mauritius
It included an agreement on interlinking of the instant payment platforms – UPI (India) and AANI (UAE), which will facilitate seamless cross-border transactions between the two countries.
This follows the MoU on interlinking payment and messaging systems signed in July last year during Modi’s visit to Abu Dhabi. Another agreement on inter-linking domestic debit/credit cards was signed vis-a-vis RuPay (India) with JAYWAN (UAE), which would serve as an important step in building financial sector cooperation and enhancing the universal acceptance of RuPay across the UAE.
Read: India launches UPI instant pay system at France’s Eiffel Tower: ‘Great to see’
A day earlier, India had announced that its UPI payment would be available in Mauritius and Sri Lanka.
On February 2, India formally launched the UPI at the iconic Eiffel Tower in Paris terming it as taking Prime Minister Modi’s “vision of taking UPI global.”
UPI is an Indian instant payment system developed by the National Payments Corporation of India in 2016.
(With PTI inputs)
