In a strategic partnership agreement, the UAE has embarked on developing its domestic card scheme, drawing inspiration from India’s RuPay card stack. This landmark agreement, witnessed by Sheikh Hamed bin Zayed Al Nahyan and India’s Commerce Minister Piyush Goyal, marks a significant step in enhancing financial systems in the UAE.
The agreement involves NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), partnering with Al Etihad Payments (AEP), an indirect subsidiary of the Central Bank of UAE (CBUAE), to establish the UAE’s national domestic card scheme.
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RuPay card, often referred to as India’s counterpart to Mastercard or Visa, operates under the guidance of the NPCI, a Reserve Bank of India (RBI) and Indian Banks’ Association initiative. This collaboration between NIPL and AEP seeks to revolutionize payment systems in the UAE, marking a significant milestone in the India-UAE technology partnership.
The implementation of this scheme is poised to accelerate the growth of e-commerce and digital transactions in the UAE, fostering financial inclusion, supporting digitization efforts, expanding payment options, reducing transaction costs, and solidifying the UAE’s position as a global payments leader. The partnership aligns with NIPL’s mission to share its expertise and knowledge in establishing cost-efficient and secure payment systems with other countries.
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The DCS solution, built on principles of sovereignty, speed to market, innovation, digitization, and strategic independence, includes a RuPay stack and value-added services such as fraud monitoring and analytics. NIPL will also collaborate with AEP to develop operating regulations for the domestic card scheme.
RuPay is a highly secure and widely accepted card payment network in India, with over 750 million RuPay cards in circulation, constituting over 60% of total cards issued in the country. These cards are offered by a wide spectrum of banks, including public sector, private, and small banks.
This partnership signifies a transformative step in enhancing the UAE’s payment systems, driving the country toward a new era of financial technology.
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