India-UAE agree to link their instant payment platforms, domestic cards RuPay and JAYWAN
Modi in UAE
Indian Prime Minister Narendra Modi and United Arab Emirate President Sheikh Mohamed bin Zayed Al Nahyan on Tuesday jointly unveiled the UPI RuPay card service in Abu Dhabi. This significant event saw President Nahyan swiping a card personalised with his name, marking the initiation of the service in the UAE capital.
Prime Minister Modi hailed the moment as the dawn of a new era in financial technology and said, "We are stepping into a new FinTech era with the launch of my UPI RuPay card and your Jaywan card."
Linking payment methods
During their bilateral meeting, the two leaders exchanged several crucial agreements, said the Ministry of External Affairs in a statement.
Building on the foundation laid during Modi's previous visit to Abu Dhabi, an agreement on interlinking payment and messaging systems was signed, enhancing connectivity between Indian and Emirati financial networks.
As per a PTI report, the two nations agreed to link their instant payment platforms - UPI (India) and AANI (UAE).
Watch |PM Modi in UAE: PM Modi to meet UAE President later today
"This will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interlinking payment and messaging systems signed in July last year during Hon’ble PM’s visit to Abu Dhabi," said the MEA statement.
Another significant agreement centred on linking domestic debit/credit cards — RuPay (India) with JAYWAN (UAE). This move aims to strengthen financial sector cooperation and promote wider acceptance of RuPay cards across the UAE, marking a significant step towards enhancing bilateral economic ties.
UPI goes global
Just a day earlier, India announced that its UPI payment service would nowbe available in Mauritius and Sri Lanka.
Earlier, on February 2, India formally launched the UPI at the iconic Eiffel Tower in Paris, in line with Prime Minister Modi's "vision of taking UPI global"
Modi's UAE trip itinerary
During his two-day visit to the Gulf region, Prime Minister Modi is scheduled to inaugurate the Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS) Mandir, the first Hindu temple in Abu Dhabi.
(With inputs from agencies)
