back Back

Mashreq Bank and NIPL to offer acceptance of UPI in the UAE

By Leandra Monteiro

August 23, 2021

Share

Mashreq Bank, NIPLNPCI International Payments Ltd (NIPL), the International arm of National Payment Corporation of India has partnered with Mashreq, one of the leading financial institutions in the UAE, to offer acceptance of its mobile-based real-time payment system, Unified Payments Interface (UPI), in the UAE. UPI is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions.

This partnership will enable over 2 million Indians who travel to UAE for business or leisure purposes every year to pay for their purchases seamlessly using UPI-based mobile applications across shops and merchant stores in the UAE.

The strategic tie-up between the two entities will provide a considerable boost to the digital payment ecosystem in the UAE and will prove to be a major stepping stone for the wider reach of UPI in the international markets.

From a Mashreq perspective, the initiative is very timely as there is growing appetite amongst customers and retailers to leverage mobile-based payment systems. The bank has witnessed 20% month-on-month growth in pick-up rate as young and tech-savvy customers seek to use the mobile payment systems along with a growing number of retailers across the UAE that accept such transactions.

Mashreq’s customer base has been nearly unanimous in their acceptance of these technologies, which make for better in-store customer experience. The implementation of NPCI’s UPI also opens a whole new world of opportunities for enterprises in the UAE and allows them to compete with much larger retailers.

Ritesh Shukla, Chief Executive Office, NIPL said, “At NIPL, we are committed to transforming payments by taking our robust payments solutions to global markets and collaborate with willing partners. We are excited about our partnership with Mashreq Bank, which will enable consumers from India transact seamlessly using NPCI’s world-renowned UPI platform and deliver seamless user experience. We look forward to attaining new highs with this partnership in the important and strategic market of UAE. ”

Kartik Taneja, EVP – Head of Payments Mashreq Bank said, “We are delighted to collaborate with NIPL to introduce their mobile-based real-time payment systems to our customers in the UAE. Given the position of UAE as an international commerce and tourism hub, retail merchants in the Emirates always enable the latest payment methods that are expected by our international clients.

Innovation has been at the core of what Mashreq does, and we have a proud history of introducing omnichannel solutions that benefit our customers and the UAE’s economy. We are the first in this market to partner NIPL and offer cutting-edge mobile-based digital payments to our clients.”

Previous Article

August 23, 2021

Ethiopia’s Hijra Bank selects Path Solutions’ core banking platform

Read More
Next Article

August 23, 2021

Wyre accepted into Visa’s FinTech Fast Track Program

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Red Hat & neoleap drive application modernisation in Saudi Arabia

Read More

Today

The Weekly Wrap: all you need to know by Friday COB | February 7th

Read More

Today

Hong Kong’s ZA Bank partners TransUnion to offer free credit alerts

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More