Following this announcement, Unified Payments Interface (UPI)-enabled applications such as PhonePe are expected to be integrated with NEOPAY, Mashreq’s payment platform. This process is set to facilitate a secure and efficient suite of payment solutions for Indian tourists across multiple merchant locations and businesses in the region of the UAE.
The partnership between Mashreq, PhonePe, and NPCI International Payments is expected to accelerate the development and optimisation of financial connectivity between the UAE and India, while the companies will focus on meeting the needs, preferences, and demands of clients and collaborators in an ever-evolving market. In addition, the institutions will prioritise the process of remaining compliant with the regulatory requirements and laws of the local industries.
Indian clients who are traveling to the UAE, as well as NRIs with Indian bank accounts, will be given the possibility to improve their payment convenience through the process of downloading their preferred UPI-enable application. After the app is installed, customers will be enabled to make payments at NEOPAY terminals, which are located across several avenues in the UAE, including dining outlets, key tourist spots, leisure destinations, and retail stores.
The terminals were also developed to generate a QR code that can be scanned in order to facilitate easy, secure, and quick payments. These transactions will be enabled by UPI, which represents an instant, real-time payment system designed by the National Payment Corporation of India (NPCI) in order to deliver inter-bank transactions by leveraging mobile phones. In addition, all payments are processed in INR, which will offer users transparency and convenience in their traveling experience.
At the same time, the collaboration between NPCI International Payments, PhonePe, and Mashreq is expected to simplify payment transactions for Indian customers in the UAE, who are currently among the top visitors to the country. The strategic deal will focus on strengthening the financial relations between the two countries, as well as providing optimised technology and solutions to clients in order to improve their cross-border payment experience.
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