WATCH: PM Modi, UAE President introduces RuPay card in Abu Dhabi | India News – Business Standard

Economy
By Liam

Prime Minister Modi and UAE President Al Nahyan will launch the RuPay card in Abu Dhabi on Tuesday.

Prime Minister Narendra Modi, along with United Arab Emirates (UAE) President Sheikh Mohammed Bin Zayed Al Nahyan, launched the Unified Payments Services (UPI) RuPay card service in Abu Dhabi on Tuesday.

A video emerged on social media of Al Nahyan tapping a plastic card with his name to make the payment and mark the launch.

Prime Minister Modi will be on a two-nation bilateral visit to the UAE and Qatar from Tuesday.

The development follows an agreement between the two countries on inter-linking of instant payment platforms – UPI (India) and AANI (UAE), to facilitate cross-border transactions. The MoU in this regard was signed in July last year during Modi’s visit to the Gulf nation.

UPI, an instant payment system, was developed in 2016 by the National Payments Corporation of India (NPCI).

“Over the past nine years, our cooperation with the UAE has grown manifold across sectors such as trade and investment, defense and security, food and energy security and education. Our cultural and people-to-people connection is stronger than ever.” Modi said this in his departure statement ahead of the visit.

World Government Summit in Dubai

Earlier, the two leaders also held important talks to discuss and further strengthen bilateral ties. During the visit, Prime Minister Modi will also address a gathering of world leaders at the World Government Summit in Dubai on Wednesday. He will hold bilateral talks with the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid, on the sidelines of the summit.

In addition, Modi will inaugurate the first Hindu temple in Abu Dhabi and also address the Indian diaspora from all UAE Emirates at a special event in Abu Dhabi on Wednesday.

After his trip to the UAE, he will visit Qatar to strengthen ties between the two countries.

UPI services are now acceptable in 7 countries

Notably, a day before Prime Minister Modi launched UPI and RuPay card services in Sri Lanka and Mauritius. Mauritian Prime Minister Pravind Jugnauth, Sri Lankan President Ranil Wickremesinghe and Reserve Bank of India Governor Shaktikanta Das were among the dignitaries present at the virtual ceremony.

With the latest development, UPI payment service is now acceptable in seven countries. These include France, UAE, Mauritius, Sri Lanka, Singapore, Bhutan and Nepal.

First print: February 13, 2024 | 6:26 PM IST

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