India’s global card payment network, RuPay, is gearing up for its launch in the United Arab Emirates (UAE) in 2024. This exciting development is a significant milestone in the world of financial technology. It is all set to revolutionize payment systems in both countries.
What Is RuPay And When Will It Be Launched In UAE?
Similar to globally recognized payment networks like Mastercard or Visa, RuPay is a versatile card payment network. It is accepted at various points of sale, ATMs, and online platforms. It provides options for debit, credit, or prepaid cards. In India, RuPay has gained immense popularity, with over 750 million RuPay cards in circulation, constituting more than 60% of the total cards issued.
The decision to introduce RuPay in the UAE was officially announced in October 2023. The two nations have come to an agreement that allows the usage of UAE-issued cards in India and, conversely, enables RuPay cardholders to make transactions in the UAE. This means that individuals will no longer require a separate card for their financial transactions between these countries. The RuPay card is expected to become operational by mid-2024.
The UAE is home to a sizable expatriate community, with Indians making up approximately 3.55 million of the population. Therefore, this agreement between the UAE and India is expected to bring considerable advantages to many residents.
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Advantages Of RuPay
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The introduction of RuPay in the UAE comes with several noteworthy advantages. It is anticipated to reduce transaction costs between the two nations significantly. Typically, remitting money to India involves charges and delays in money transfers. However, with RuPay, these concerns will be effectively addressed.
Furthermore, RuPay aligns with the UAE’s digitalization objectives. Piyush Goyal, India’s Minister of Commerce and Industry, has noted that other countries, including Singapore, have also been offered this service.
The impending launch of RuPay in the UAE heralds a new chapter in the India-UAE technology partnership. While the precise launch date is yet to be disclosed, this development is keenly anticipated. It promises to overhaul payment systems and bring forth a plethora of benefits for individuals and businesses alike. The future looks bright for this technological advancement that will facilitate seamless financial transactions between India and the UAE.
Cover Image Courtesy: Instagram/ RuPay, Canva Stock Images
First Published: October 09, 2023 4:11 PM