India, UAE enter pact for RuPay usage

New Delhi: The NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI) ,on Thursday entered into a strategic partnership agreement with Al Etihad Payments (AEP) for domestic card scheme (RuPay) implementation in the UAE.

The AEP is an indirect subsidiary of the Central Bank of UAE (CBUAE).

As per the agreement, NIPL and AEP will work together to build, implement, and operationalise UAE's national domestic card scheme (DCS).

It will aim to facilitate the growth of e-commerce and digital transactions in the UAE, bolster financial inclusion, support the UAE's digitisation agenda, increase alternate payment options, reduce the cost of payments, and enhance the UAE's competitiveness and position as a global payments leader.

The partnership aligns perfectly with NIPL's mission to offer its knowledge and expertise to assist other countries in establishing their own cost-efficient, and secure payment systems.

The DCS solution is based on the principles of sovereignty, speed to market, innovation, digitisation, and strategic independence. The DCS solution provided by NIPL consists of a RuPay stack and value-added services like fraud monitoring services and analytics.

NIPL will also assist AEP in formulating the operating regulations for their domestic card scheme.