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The Weekly Wrap: all you need to know by Friday COB | January 17th

By Puja Sharma

January 17, 2025

  • Banking in UAE
  • Bharat Fintech Program
  • BHIM UPI
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The Weekly WrapThe Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Magnati has partnered with NPCI International to offer QR-based Unified Payments Interface (UPI) merchant payments via its point-of-sale (POS) terminals in the UAE. The collaboration aims to expand the QR-based merchant payment network in the UAE by enabling more merchants to provide UPI as a payment method to Indian travellers.

UPI is recognised among the world’s most successful real-time payment systems, processing over 15 billion transactions in November 2024 in India. The cost-effective, mobile-first payment solution has become a dominant form of digital payments globally as it offers simplicity, safety, and reliability for merchant payment transactions. With this partnership, Magnati enhances its portfolio of payment solutions, empowering UAE merchants to cater to an expanded customer base of Indian travellers and residents.

As part of the initial rollout, Magnati has introduced UPI acceptance at Dubai Duty-Free to enhance the shopping and payment experience for Indian travellers.

Salim Awan, Managing Director of Institutional Payments Solutions at Magnati, said, “With this collaboration, Magnati has expanded its alternative payment channels network for Dubai Duty-Free as this partnership aims to bolster digital payments, facilitate cross-border payments and provide a seamless payment experience catering to the Indian travellers and NRIs. This collaboration exemplifies our commitment to innovative digital solutions and create value through a globally connected ecosystem.”

Deals of the week

  • India’s GrayQuest raises $9.3m in its Series B equity funding round
  • Banking Circle set to purchase Australian Settlements Limited
  • Ebury to acquire Lithuanian cross border payments provider ArcaPay
  • Portugal’s Novobanco & Nasdaq Calypso strengthen tech partnership
  • NPCI & MTC brings RuPay On-The-Go to bolster mobility across Chennai
  • JCB and DOJO join forces to boost card acceptance in UK
  • NomuPay bags $37m to facilitate unified payments access in Asia
  • Unicaja, Fiserv partner to enhance omnichannel payments in Spain
  • Sygnum achieves Unicorn Status with $58m in growth funding

Be on the lookout for

The Bharat Fintech Summit 2025 is a significant two-day event scheduled for February 5-6, 2025, at the JW Marriott Mumbai Sahar. This summit is designed to foster meaningful discussions and deliberations on the evolving landscape of the Banking, Financial Services, and Insurance (BFSI) sector, with a particular emphasis on digital transformation.

The event aims to bring together a diverse ecosystem, including regulators, key BFSI stakeholders, fintech innovators, investors, industry associations, and technology solution providers. The primary objective is to empower participants with valuable insights and knowledge, facilitating collaborative efforts to drive innovation and advance digitisation.

The summit will feature a variety of activities, including panel discussions, workshops, demos, and fintech courses. These sessions are designed to provide attendees with a comprehensive understanding of the latest trends and developments in the fintech industry. The event also aims to pave the way for the extensive dissemination of financial services to even the remotest corners, ensuring that the benefits of the digital revolution reach the farthest segments of society.

Overall, the Bharat Fintech Summit 2025 embodies a knowledge-driven endeavour dedicated to fostering collaborations and driving positive industry-wide transformations. It serves as a platform for sharing collective wisdom and catalysing innovation within the BFSI sector.

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