Alternative investment platform

Summary:

Indian visitors in the UAE will soon gain access to UPI services at more merchant locations through a partnership between NPCI International Payments Limited (NIPL) and Magnati. Initially available at Dubai Duty-Free, the service will expand to sectors such as retail, hospitality, transportation, and groceries. NIPL CEO Ritesh Shukla highlighted the initiative’s goal of establishing a global digital payments network to enhance cross-border transactions for Indian tourists and Non-Resident Indians (NRIs).

 

The program will benefit approximately 12 million Indian visitors to the UAE annually, with India ranking as Dubai's top visitor source in 2023. UPI payments are already accepted in seven countries, including Bhutan and Singapore, and can be made via applications like BHIM, PhonePe, and Paytm. Payments are debited in Indian rupees, incorporating exchange rates and fees. Tourists simply scan a QR code, enter the amount, and confirm using their UPI PIN.

 

Source: IBEF

 

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