NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, will sign a deal with Al Etihad Payments in Abu Dhabi to simplify cross-border transactions. The MoU will be inked on the establishment of the UAE's domestic card scheme based on India's RuPay debit and credit card stack, according to the official.
The agreement will be signed in the presence of Commerce and Industry Minister Piyush Goyal, who is leading a business delegation to Abu Dhabi from October 5 to October 6. Goyal will co-chair the eleventh meeting of India-UAE High-Level Task Force on Investments along with Sheikh Hamed Bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority, as per PTI.
Mohamed Hassan Alsuwaidi, Minister of Investment, MD and CEO of ADQ; Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Khaled Mohamed Balama, Governor of the UAE Central Bank; and Ambassadors from both countries (Abdulnasser Alshaali, UAE Ambassador to India, and Sunjay Sudhir, Ambassador of India to UAE) will attend the meeting.
Goyal will also meet with Khaldoon Al Mubarak, CEO and MD of Mubadala, as well as members of the UAE-India Business Council, senior business executives from both countries, and significant food importers from the GCC and Egypt. The National Payments Corporation of India (NPCI), the umbrella organization that provides UPI services, inked an MoU in 2022 with Lyra, France's quick and secure online payment system.
By signing a contract in 2023, UPI and Singapore's PayNow made it possible for users in either nation to conduct cross-border transactions.