The UAE will be the first country in the Middle East to witness the launch of RuPay card, the Indian indigenous equivalent of Mastercard or Visa, during the visit of Prime Minister Narendra Modi this weekend, a top Indian diplomat has said.
Navdeep Singh Suri, the Indian Ambassador to the UAE, told state news agency WAM that a memorandum of understanding to establish a technology interface between the payment platforms in India and UAE would be exchanged between the National Payments Corporation of India and UAE’s Mercury Payments Services.
"This will enable the RuPay card to be used at point-of-sale terminals across the UAE," Suri said in an interview on Wednesday.
"The UAE is the largest and most vibrant business hub in the region. It hosts the largest Indian community, receives the largest number of Indian tourists and has the largest trade with India. By becoming the first country in the region to introduce the RuPay card, we expect that each of these elements of tourism, trade and the Indian diaspora will benefit," he added.
The UAE will be the third country to launch RuPay outside India after Singapore and Bhutan, the envoy said.
"We will have substantive bilateral discussions to further deepen our relationship across multiple sectors during the Prime Minister’s visit," Suri said.
Ahead of Modi’s visit, the Indian Embassy has completed establishing the system to issue India’s newly introduced 5-year multiple entry tourism and business visa for Emiratis, he added.
Modi will receive the Zayed Medal, the UAE’s highest civilian award, during the visit.
Suri also said that bilateral trade touched almost $60 billion last year.
"On the investment side, we have already seen sizable inflows from India to UAE in free zones like Jebel Ali, Hamriyah Free Zone Sharjah and Ras Al Khaimah Economic Zone and also in sectors ranging from manufacturing and real estate to trade and services. We have now started to observe a strong flow of investments from the UAE to India. These are particularly significant in areas such as energy, infrastructure, housing, highways, airports, logistics, food processing and the defence sector," he added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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