Mobile Internet

Indian RuPay Launched in UAE and Bahrain by PM Modi

Modi in Bahrain - DD News

Indian Prime Minister Narendra Modi launched the RuPay card in UAE and Bahrain, during his recent visit to Gulf countries. This will make UAE the first country in West Asia to initiate the Indian indigenous system of electronic payment.
Modi launched the RuPay card by making a special purchase which he will offer as ‘prasad’ at the Shreenathji Temple in Bahrain tomorrow. “The RuPay card comes to UAE! PM @narendramodi makes a special purchase, which he would offer as Prasad at the Shreenathji Temple in Bahrain tomorrow,” the Prime Minister’s Office tweeted.
Speaking at a post-launch press conference, Foreign Secretary Vijay Gokhale said that 20 of the most prominent NRI businessmen of UAE were present during the launch and they have agreed to support this initiative. As many as 21 Business Groups from the UAE were present during the event and pledged to accept RuPay as a mode of payment.
RuPay card scheme was conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012. It was created to fulfil the Reserve Bank of India’s (RBI) vision to have a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. NPCI maintains ties with Discover Financial, JCB (Japan Credit Bureau) to enable the RuPay card scheme to gain international acceptance.
In India, 90% of credit card transactions and almost all debit card transactions are domestic; however, the cost of transactions was high due to the dominance of foreign card schemes.
Singapore has offered assistance to promote India’s digital payment network RuPay card overseas by becoming its first international partner. India has also launched the RuPay card in Maldives and Bhutan.
It has been developed to offer secure, user-friendly and cost-effective solutions to facilitate low-value payments and build a cashless transaction environment. Today, there are close to 500 million RuPay cards in circulation in India. RuPay has also tied-up with international players like Discover, Japan Credit Bureau and China Union Pay to enhance its international acceptance and recently achieved a milestone of issuing 25 million RuPay cards.
What would further assist India’s business interests and diaspora in the resource-rich Gulf region is that UAE receives close to 3 million Indian tourists annually. Acceptance of Rupay card in UAE will lower the charges as tourists will save on the exchange rate. National Payment Corporation of India (NPCI) is in association with Mercury Payments Services – UAE’s Domestic Scheme, which has made RuPay Cards acceptable at 175,000 merchant acceptance locations and 5,000 ATM and cash access locations within UAE.

Comments (2)

  1. […] claims that as a whole the cashless economy of the European market will grow at 5.9% till 2028. Eastern Europe will grow faster at 7.4% as […]

  2. […] had suggested that NPCI should expand the international footprint of its payment systems like UPI, RuPay, and […]

Comment here