India and the United Arab Emirates (UAE) recently agreed to connect their fast payment systems – UPI from India and AANI from the UAE (which is their online payment system).
Prime Minister Narendra Modi is currently visiting the UAE and has made significant decisions, including joining the fast payment systems of both countries.
RuPay launched in UAE
Indian Prime Minister Narendra Modi introduced the Rupay card in the UAE. India and the UAE have decided to connect their own debit and credit cards.
This means that India’s RuPay card and UAE’s JAYWAN card will now work together.
This will make it simpler for people from both countries to shop online, make payments, and use card services in each other’s countries.
The aim of these agreements is to make it simpler for people to do digital transactions between the two countries.
PM Modi talked about how connecting RuPay and JAYWAN cards can bring a new age in the fintech sector, leading to improved financial cooperation.
Also, both countries agreed to work together by signing a special agreement called a Memorandum of Understanding (MoU) to support each other in digital infrastructure projects.
UPI facility available in 7 countries
Last year, something important happened. The Reserve Bank of India (RBI) and the Central Bank of UAE agreed to connect UPI with the UAE’s Instant Payment Platform (IPP).
Before this happened in the UAE, UPI services were also introduced recently in Sri Lanka and Mauritius.
This change makes it easier for people in India to do digital transactions.
Also, it’s good to know that the UPI service is now in seven countries: Nepal, Bhutan, Singapore, France, Mauritius, and Sri Lanka.
