Around 175,000 merchant acceptance locations of 21 businesses and 5,000 ATMs in the UAE will soon start accepting India’s RuPay card, it was announced on Saturday.
RuPay card, the Indian equivalent of Mastercard or Visa, was launched in the presence of Indian Prime Minister Narendra Modi who swiped his card for buying Indian sweets at a shop temporarily set up at Emirates Palace in Abu Dhabi, state news agency WAM reported.
The UAE is the first Middle East country to witness the launch of RuPay card after its overseas launch in Singapore and Bhutan.
Three banks – Emirates NBD, First Abu Dhabi Bank and Bank of Baroda - will soon start issuing RuPay card in the UAE, Navdeep Singh Suri, the Indian Ambassador to the UAE, said at the launch ceremony.
A memorandum of understanding to establish a technology interface between the payment platforms in India and UAE was exchanged between the National Payments Corporation of India and the UAE’s Mercury Payments Services, WAM said.
The MoU will enable the RuPay card to be used at point-of-sale terminals across the UAE. Individual businesses are expected to announce the start date of accepting the card in their outlets, WAM added.
The initial group of 21 businesses accepting the card includes NMC Healthcare, Lulu Group, Aster DM Healthcare, Landmark Group, Sobha Ltd, Apparel Group, Nikai Group, Regal Group of Companies, ITL Cosmos, Jashanmal National Company, Allana Group FMCG Products, Petrochem Middle East, Transworld Group, Al Dobowi Group, VPS Healthcare, UPL Group, Conares, Al Maya Group, EPS Facilities Services Group, Emaar and DP World.
The launch comes as the UAE receives close to three million Indian tourists annually, who can use the RuPay card in the UAE.
Today, there are close to 500 million RuPay cards in circulation in India.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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