UPI going global: UAE accepts UPI payment in bid to attract Indian customers
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New Delhi: The Indian government has been pushing UPI as a platform as an international payment method. In an effort to draw in Indian customers, retailers in the United Arab Emirates (UAE) are now taking Rupee payments made using UPI. One of the largest retailers in the United Arab Emirates, Lulu, has begun allowing its patrons to pay with UPI at all of its locations.
Indian citizens can easily make payments 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 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 pay through QR codes through Point of Sale (POS) machines.
According to the NPCI: "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."
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.
As the UPI success story is being adopted by several countries, the average daily transaction volume stood at 466 million last month, compared with 463 million in June.
With inputs from IANS