New Delhi, Aug 17 (Reuters) – With the Indian government promoting UPI as an international payments platform, merchants in the United Arab Emirates (UAE) are now accepting rupee-denominated payments via UPI to attract Indian customers.
Lulu, one of the UAE’s largest retailers, has started offering customers the option to accept payments through UPI at all of its stores across the country.
Indian nationals can easily make payments using the UPI app just as they would in India. The payment amount will be debited from their Indian bank account. Hence, Indian nationals and NRIs can easily shop in Rupees in the UAE through UPI just as they can in India.
UPI payments were launched in the UAE in early July. Apart from Lulu, payments via UPI are accepted at many large and small merchants across the UAE.
Indian nationals and non-resident Indians in the UAE can now easily make payments using QR codes through Point of Sale (POS) terminals.
According to NPCI, “The number of Indian tourists to the Gulf Cooperation Council (GCC) is projected to reach 9.8 million in 2024. The UAE alone is likely to see around 5.3 million Indian visitors.”
The Government of India, the Reserve Bank of India (RBI) and NPCI International are collaborating to promote UPI on a global platform.
UPI is officially accepted in Nepal, Sri Lanka, Mauritius, UAE, Singapore, France and Bhutan.
Unified Payments Interface (UPI)-based transactions surged 35 percent year-on-year to Rs 20.64 trillion from Rs 20.07 trillion in July.
The total number of UPI transactions increased by nearly 4% month-on-month to 14.44 billion in July from 13.89 billion in the previous month.
As UPI’s success story is being adopted in multiple countries, the average daily transaction volume was 466 million last month, compared to 463 million in June.
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