Indians can now make Payments using UPI in UAE
Tags: Government Schemes Economics/Business
Tourists or migrants arriving in the United Arab Emirates (UAE) with Indian bank accounts will be able to make payments through UPI to shops, retail establishments and other merchants in the Gulf country.
NPCI and NEOPAY of UAE's Mashreq Bank have partnered for this service.
It will be mandatory for users to have a bank account in India with UPI enabled.
Users will also need an application like BHIM to make UPI payments.
Payment using UPI will be accepted only to those merchants and shops who have NEOPAY terminals.
Unified Payments Interface (UPI) is a single platform that brings together various banking services and facilities.
A UPI ID and PIN are enough to send and receive money.
Real-time bank-to-bank payment can be done using a mobile number or virtual payment address (UPI ID).
It is developed by National Payments Corporation of India (NPCI).
It is regulated by the Reserve Bank of India (RBI) and transfers funds instantly between two bank accounts on a mobile platform.
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