NPCI signs pact with UAE co for online payments
The partnership aligns with NIPL’s mission to offer its knowledge and expertise to assist other countries in setting up their own cost-efficient, and secure payment systems.
NEW DELHI: India and Abu Dhabi’s Al Etihad Payments (AEP) on Thursday signed an agreement for cross-border transactions.
NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India(NPCI), has entered into a strategic partnership with Al Etihad Payments to implement the UAE’s national domestic card scheme. This partnership aims to boost e-commerce, digital transactions, financial inclusion, and the UAE’s position as a global payments leader.
AEP is an indirect subsidiary of the Central Bank of UAE (CBUAE). The partnership aligns with NIPL’s mission to offer its knowledge and expertise to assist other countries in setting up their own cost-efficient, and secure payment systems, as per a finance ministry statement.
“The DCS solution offered by NIPL is built upon principles of sovereignty, speed, innovation, digitisation, and strategic independence. It includes the RuPay stack, a secure and widely accepted card payment network in India,” the statement stated.
RuPay cards, widely used in India, cover debit, credit, and prepaid options, with over 750 million cards currently in circulation. NIPL will aid AEP in formulating operating regulations for their domestic card scheme. India’s Digital Public Infrastructure (DPI) comprises digital identity, digital payments, and digital data exchange layers.
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