Mumbai, 7 October 2024

 

United Arab Emirates (UAE) in addition to being a strategic partner of India, is also home to over 3 million Indians and with 6 million traveling every year is also an attractive travel destination for Indians. A partnership between national payments entity of the two nations is adding another dimension to this vibrant and historic relationship. 
 

To augment the relationship, National Payments Corporation of India (NPCI), via its international subsidiary NPCI International Payments Limited (NIPL) is collaborating with Al Etihad Payments (AEP), to enable creation of domestic card scheme JAYWAN in UAE. AEP is national payments entity of UAE and was created in 2023 by Central Bank of UAE (CBUAE) as part of the National Payments Strategy to develop and operate best-in-class financial markets infrastructure. The JAYWAN card scheme is an outcome of deep collaboration between NIPL and AEP. It is based on the RuPay card stack (developed and deployed at great scale by NPCI in India), which is shared with the AEP to enable UAE be sovereign in the area of digital payments. 

The two governments are now working on interlinking the two national payment platforms – UPI (India) and AANI (UAE), which will facilitate seamless cross-border transactions between the two countries. This will benefit over 3 million Indians residing in UAE enabling them use power of UPI and AANI, for real-time cross-border remittance, which is aligned with the vision of bringing speed, transparency, accessibility and cost efficiency in cross-border remittances.

UAE is as a preferred and strategic partner for India, and our relationship reflects the solid bilateral ties between the two nations. As we move forward, we expect this partnership to grow stronger, driven by a shared commitment to innovation, financial inclusion, and the transformation in area of digital payments. This collaboration will evolve in tandem with the deepening diplomatic and economic relations between our countries, with a focus on delivering enhanced value to the citizens of both nations in sovereign manner.

Further, UAE’s domestic card scheme JAYWAN was launched during the visit of Prime Minister Shri Narendra Modi to the UAE in February, 2024.  

With this launch UAE has become the first country in GCC region with which India has shared the RuPay stack. While the first phase of project is completed, enabling launch of JAYWAN Card.

Moreover, necessary technology and integration related work is underway, to achieve public go live and offer connivence and security to residents of UAE at scale via JAYWAN proposition.

Considerable progress has also been made on the acceptance of RuPay cards at PoS machines in the UAE. UPI acceptance is also widening in UAE market, to cover the relevant retail footprint – aimed at serving 6 million inbound Indian tourists that visit UAE annually.

 

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PIB Mumbai | SR/ SC/ DR

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