Argus News - Instant Payment Platforms Between India, UAE To Be Operational In 3 Months

Abu Dhabi, Feb 14 (ANI): Following the significant agreement between India and the United Arab Emirates to interlink their respective instant payment platforms, UPI and AANI, the services connectivity is likely to be formally rolled out within three months.

During his official visit to the UAE on Tuesday, Prime Minister Narendra Modi held a bilateral meeting with the UAE President Sheikh Mohamed Bin Zayed Al Nahyan and witnessed the exchange of an agreement on the interlinking of UPI (India) and AANI (UAE), which is aimed at facilitating seamless cross-border transactions between the two countries.

The 3.5 million strong and vibrant Indian community forms the largest expatriate group in the UAE.

UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

So far, Sri Lanka, Mauritius, France, UAE, and Singapore have partnered with India on emerging fintech and payment solutions.
Besides, an MoU was signed between the two countries on cooperation of digital infrastructure projects.

According to an MEA press release, India and the UAE are among each other's top trading partners, with a bilateral trade of about USD 85 billion in 2022-23. The UAE is also among the top four investors in India in terms of foreign direct investments in 2022-23.

(ANI)