The National Payments Corporation of India (NPCI), through its international arm, NPCI International Payments Limited (NIPL), has teamed up with Magnati. Magnati is a prominent Middle Eastern payment solutions provider. In fact, NPCI and Magnati have partnered up to bring Unified Payments Interface (UPI) to a broader network of merchants across the UAE. This strategic collaboration aims to transform payment experiences for Indian travelers in the region.
A Seamless Payment Experience for 12 Million Indian Tourists
Each year, over 12 million Indians travel to Dubai and the UAE, creating a significant demand for seamless and familiar payment options. By integrating UPI into the UAE’s payment ecosystem, this partnership enables merchants to offer Indian tourists the ease of QR-based payments.
Ritesh Shukla, CEO of NPCI International, emphasized the importance of this collaboration:
“The partnership with Magnati is a strategic step towards expanding UPI acceptance in the UAE. It offers Indian travelers a seamless and familiar payment experience at premier destinations like Dubai Duty-Free.”
Scaling the QR-Based Payment Network
A key goal of this partnership is to expand the UAE’s QR-based merchant payment network. Additionally, it will empower more businesses to accept UPI payments. For Indian travelers, this eliminates the hassle of currency exchange or card dependency. Moreover, for merchants, it unlocks access to a vast customer base from one of the largest travel demographics.
Riding the Wave of UPI’s Growth
This development comes as UPI transactions continue to surge globally. In November alone, UPI transactions reached an impressive 15.48 billion. In fact, marking an impressive 37% year-on-year increase. India’s regulatory efforts are further fueling this growth, with recent changes allowing KYC-compliant prepaid wallets to make UPI payments via third-party apps.
NIPL has also been proactively expanding UPI’s reach worldwide. Beyond the UAE, NIPL has made strides in regions like Qatar, Maldives, and is exploring opportunities in Africa and South America to build robust digital payment ecosystems inspired by UPI.
Strengthening India’s Digital Payment Footprint
In July, NIPL partnered with Qatar National Bank to introduce UPI in Qatar. A few months later, a similar pact was signed with the Maldives, aiming to boost tourism through efficient digital payment solutions. These initiatives underline NPCI’s commitment to extending India’s digital payment infrastructure to a global scale.
What This Means for Entrepreneurs
The partnership between NPCI and Magnati represents more than just a financial milestone. In reality, it’s an opportunity for young entrepreneurs and tech innovators to explore synergies within the growing digital payment landscape. With UPI expanding into international markets, the stage is set for startups to develop complementary technologies and services that enhance payment ecosystems and cater to a borderless economy.
