India and the United Arab Emirates (UAE) have recently signed multiple agreements with a key focus on integrating their instant payment systems – UPI and UAE’s AANI. The agreement was signed during Prime Minister Narendra Modi’s recent visit to the UAE.
In addition to the UPI integration, PM Narendra Modi also launched the RuPay card in the UAE. Both countries also agreed to inter-link domestic debit/credit cards – RuPay from India and JAYWAN from the UAE.
These agreements aim to simplify cross-border digital transactions between the two nations.
PM Modi highlighted the potential of this partnership, stating that connecting RuPay and JAYWAN cards could usher in a new era in the fintech sector, fostering better financial cooperation. Furthermore, both countries have signed a Memorandum of Understanding (MoU) to promote collaboration in digital infrastructure projects.
It’s worth noting that last year, the Reserve Bank of India (RBI) and the Central Bank of the UAE signed an agreement to integrate UPI with the UAE’s Instant Payment Platform (IPP), setting the stage for the recent collaboration with AANI.
These developments follow the recent launch of UPI services in Sri Lanka and Mauritius, making digital transactions easily accessible for Indian nationals. This is already available in seven countries, including Nepal, Bhutan, Singapore, France, Mauritius, and Sri Lanka.
An MoU on Cooperation in Digital Infrastructure Projects has also been signed, which will help create a proper framework in the digital infrastructure and also “facilitate sharing of technical knowledge, skills and expertise.”
