Abu Dhabi: NPCI International Payments Ltd , the international arm of the National Payment Corporation of India, on Thursday signed an agreement with Al Etihad Payments (AEP) to build, implement, and operationalise UAE’s national domestic card scheme.
The domestic card scheme (DCS) aims to facilitate the growth of e-commerce and digital transactions in the UAE, bolster financial inclusion, support the UAE’s digitisation agenda, increase alternate payment options, and reduce the cost of payments.
“As per the agreement, NPCI International Payments Ltd (NIPL) and AEP will work together to build, implement, and operationalise UAE’s national domestic card scheme,” an official statement said.
The partnership aligns with NIPL’s mission to offer its knowledge and expertise to assist other countries in establishing their own cost-efficient and secure payment systems.
The DCS solution, provided by NIPL, consists of a RuPay stack and value-added services like fraud monitoring services and analytics.
It said that the NIPL will also assist AEP in formulating the operating regulations for their domestic card scheme.
RuPay is an indigenous, secure and widely accepted card payment network in India. RuPay cards have debit, credit, and prepaid propositions. More than 750 million RuPay cards are in circulation as of date.
These cards make up more than 60 per cent of total cards issued in India, with every second Indian having a RuPay card now. They are issued through the entire banking spectrum, including public sector, private, and small banks.
Al Etihad Payments (AEP) is an indirect subsidiary of the Central Bank of UAE (CBUAE).
Commerce and Industry Minister Piyush Goyal said NIPL will be providing technology and support to UAE to implement the RuPay card system in UAE so that the UAE cards can be used in India like the RuPay cards.
After this, RuPay card owners in India can use the card in the UAE without paying extra fees.