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Prime Minister Narendra Modi today visited Abu Dhabi and was warmly welcomed by UAE President Sheikh Mohamed bin Zayed Al Nahyan.
The two leaders held one-on-one and delegation level talks. They reviewed the bilateral partnership and discussed new areas of cooperation. Both of them welcomed deepening of the comprehensive strategic partnership across sectors, including trade and investment, digital infrastructure, fintech, energy, infrastructure, culture and people to people ties.
Launching UPI, Rupay services in UAE
Among the many signed MoUs, an agreement was also signed on the interlinking of instant payment platforms - UPI (India) and AANI (UAE).
PM Modi and President Nahyan introduced a new payment method using UPI and RuPay cards in Abu Dhabi, facilitating easy money transfers between India and the UAE. A video shared by MyGov on X show this process using a special card bearing President Nahyan's name.
UPI going global
The launch is part of India's plan to share its UPI payment system with the world. Prior to this, UPI was launched in Mauritius, Sri Lanka, and even in Paris.
"India has emerged as a leader in Fintech innovation and Digital Public Infrastructure. Prime Minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries," read a statement issued by the Prime Minister's office.
India's UPI revolution
The UPI system, developed by the National Payments Corporation of India and governed by the Reserve Bank of India and the Indian Bank Association, has seen widespread adoption within India, especially during the COVID-19 pandemic, highlighting its effectiveness and reliability.
Which countries are accepting UPI payments?
The launch of UPI in Sri Lanka and Mauritius adds to a growing list of countries adopting this digital payments system, including Bhutan, France, the UAE, Oman, and Singapore.
Nepal may soon join the list of countries using India’s UPI. Indian Ambassador Naveen Srivastava in December 2023 said the digital payment gateway between India and Nepal is expected to start in the first phase from the end of February 2024.