Indian tourists visiting the United Arab Emirates (UAE) will soon be able to use Unified Payments Interface (UPI) services at a broader range of merchant locations, thanks to a partnership between NPCI International Payments Limited (NIPL) and Magnati, a payment solutions provider in the region. Initially, the service will be available in Dubai Duty-Free for Indian tourists, expanding later to sectors such as retail, hospitality, transport, and supermarkets. CEO of NIPL, Mr. Ritesh Shukla, stated that the collaboration aligns with their vision to offer Indians a global digital payments network. At the same time, the Managing Director of Magnati, Mr. Salim Awan, emphasised its potential to enhance cross-border payments and provide a seamless experience for Indian travellers and Non-Resident Indians (NRIs).
The initiative will benefit the over 12 million Indian tourists visiting the UAE annually, with India ranking as the top source of visitors to Dubai in 2023, with 11.9 million arrivals. UPI payments are already accepted in seven countries, including Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France. Over 20 applications, such as BHIM, PhonePe, Paytm, and Google Pay, enable international transactions. Payments will be debited in Indian currency, with the foreign exchange conversion rate and any applicable fees included. Users scan the merchant's QR code, enter the payment amount, select their bank account, and confirm the transaction with their UPI PIN to make payments via the BHIM app.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.