Now, Indian citizens can easily make payments in the UAE using the UPI app just like in India.
New Delhi: The merchants in the United Arab Emirates (UAE) are now accepting payments via Unified Payments Interface (UPI) in Indian Rupees to attract Indian customers following the promotion of UPI as a global payment platform by the government of India.
Lulu, one of the biggest retail companies in the UAE, has started giving customers the option to accept payments through UPI at all its stores in the country.
Now, Indian citizens can easily make payments in the UAE using the UPI app just like in India. The amount paid will be deducted from their bank account in India. So Indian citizens and NRIs can easily do shopping and carry out financial transactions in UAE through UPI in Rupees like in India.
UPI payments were launched in the UAE in the beginning of July. Apart from Lulu, payments through UPI are being accepted by many big and small merchants across the UAE.
Indian citizens and NRIs in the UAE can easily make payments using QR codes through Point of Sale (POS) machines.
“The number of Indian travellers in the Gulf Cooperation Council (GCC) is estimated to reach 98 lakh in 2024. Around 53 lakh Indians are likely to reach UAE alone,” says the National Payments Corporation of India (NPCI).
The Government of India, the Reserve Bank of India (RBI), and NPCI International are working together to promote UPI on the global platform. UPI is officially accepted in Nepal, Sri Lanka, Mauritius, UAE, Singapore, France, and Bhutan.
The Unified Payments Interface (UPI)-based transactions surged 35 per cent on a YoY (Year on Year) basis in the month of July, reaching Rs 20.64 lakh crore against Rs 20.07 lakh crore.
The total UPI transaction count went up almost 4 per cent (month-on-month) to 14.44 billion in July from 13.89 billion in the previous month.
The average daily transaction volume stood at 466 million in July, compared to 463 million in June.
(With IANS inputs)