April 22, 2022
The partnership was formed under the Indian government’s inclination to promote UPI’s presence within other Asian countries
UPI (Unified Payments Interface) transactions reached a record 22 billion in volume in FY21
Transactions from UPI are expected to reach 169 billion in volume by FY26: PwC
Millions of Indians visiting the UAE would be able to use BHIM UPI in NEOPAY-enabled stores
BHIM (Bharat Interface for Money) UPI, India’s prominent payment system, is now live at NEOPAY terminals across the UAE, according to a statement by NPCI International Payments Ltd (NIPL), the International arm of the National Payment Corporation of India (NPCI).
This partnership was formed under the Indian government’s inclination to promote UPI’s presence within other Asian countries to facilitate low-value transactions, and cross-border remittances will increase its scope of usability.
The statement said that this partnership will enable a key role in transforming the Person-to-Merchant (P2M) payment experience for Indian travelers in the UAE.
Through this initiative, millions of Indians visiting the UAE would be able to use BHIM UPI to make secure and convenient payments in NEOPAY-enabled stores.
According to a report by accounting company PricewaterhouseCoopers (PwC), UPI transactions reached a record 22 billion in volume in FY21, and it is estimated to reach 169 billion by FY26, growing at a CAGR of 122% since 2018.
The payments industry will witness great growth in the coming years through initiatives from major stakeholders such as regulators, banks, fintech businesses, card networks, and service providers across nations, and the UPI network will be an integral part of it.
