India, UAE sign RuPay card scheme deal, review CEPA, sigh MoU on hi-tech cooperation

In a significant upgradativity pillar of the India-UAE bilateral relations, the NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has entered into a strategic partnership agreement with Al Etihad Payments (AEP) for implementation of the domestic card scheme (DCS) in the UAE, wherein NIPL and AEP will work together to build, implement and operationalize UAE's national domestic card scheme. Al Etihad Payments is an indirect subsidiary of the Central Bank of UAE (CBUAE) and the NIPL assists other countries with its knowledge and expertise in establishing their own cost-efficient, and secure payment systems.

- NIVEDITA MUKHERJEE

The DCS solution provided by NIPL consists of a RuPay stack and value-added services like fraud monitoring services and analytics. The NIPL will also assist AEP in formulating the operating regulations for their domestic card scheme. The DCS is expected to push the growth of e-commerce and digital transactions in the UAE, bolster financial inclusion, support the UAE's digitization agenda, increase alternate payment options, reduce the cost of payments and enhance the UAE's competitiveness and position as a global payments leader. Minister of Commerce & Industry Piyush Goyal described the partnership agreement for development of a national card scheme for the UAE, modelled on India's RuPay card as another milestone in the economic engagement. "The India-UAE partnership will go a long way and would be exemplary for the world," noted Goyal who is in UAE for the 11th meeting of the high level join