PM Modi and UAE President Sheikh Mohammed Bin Zayed Al Nahyan introduced the UPI RuPay card in Abu Dhabi, enhancing financial ties. The move follows an agreement to interlink UPI and AANI platforms, fostering cross-border transactions. A new card, Jaywan, was unveiled. Bilateral agreements include energy partnerships. Modi’s seventh UAE visit underscores a growing relationship. UPI’s expansion to the UAE, now in seven countries, strengthens India’s global financial outreach. Talks aim to deepen collaboration in trade, investment, defense, security, food, energy, and education.
In a historic move to strengthen financial ties between India and the United Arab Emirates (UAE), Prime Minister Narendra Modi and UAE President Sheikh Mohammed Bin Zayed Al Nahyan jointly introduced the Unified Payments Services (UPI) RuPay card service in Abu Dhabi. The launch, part of PM Modi’s two-nation bilateral visit to the UAE and Qatar, signifies a significant step towards facilitating seamless cross-border transactions between the two nations.
The development follows a groundbreaking agreement between India and the UAE to interlink their instant payment platforms – UPI (India) and AANI (UAE). The Memorandum of Understanding (MoU) for this collaboration was signed during PM Modi’s visit to the Gulf nation in July of the previous year, laying the foundation for enhanced financial cooperation.
During the visit, PM Modi is scheduled to address world leaders at the World Government Summit in Dubai and engage in crucial bilateral talks with Dubai’s ruler, His Highness Sheikh Mohammed bin Rashid. Additionally, he is set to inaugurate the first Hindu temple in Abu Dhabi, the Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS) Mandir, symbolising the shared values of harmony, peace, and tolerance between India and the UAE.
In a parallel development, a new domestic payment card named Jaywan, built on India’s digital RuPay credit and debit card stack, was introduced in the UAE by President Sheikh Mohamed and PM Modi. The Jaywan card promises to enhance digital financial transactions within the UAE, providing users with a secure and convenient payment option.
This event comes from several bilateral agreements between the two countries, including the interlinking of India’s UPI and the UAE’s ‘Aani’ payment systems. These agreements aim to streamline cross-border transactions and foster economic cooperation. The leaders also explored strengthening energy partnerships, acknowledging the UAE’s role as a significant source of crude and LPG.
PM Modi’s visit to the UAE marks his seventh since 2015, underscoring the robust and growing relationship between the two nations. Expressing gratitude for the warm welcome, PM Modi highlighted the rarity of their frequent meetings, emphasising the familial connection between India and the UAE.
The expansion of UPI services to the UAE adds another milestone to India’s global financial outreach, following the recent launches in Sri Lanka and Mauritius. With UPI services now accepted in seven countries, including France, Mauritius, Sri Lanka, Singapore, Bhutan, and Nepal, India’s National Payments Corporation of India (NPCI) continues to make strides in promoting secure and efficient digital payments worldwide.
As the bilateral talks progress, both nations look forward to further collaboration in key sectors such as trade, investment, defence, security, food, energy security, and education. The launch of the UPI RuPay card and the Jaywan domestic payment card underscores the commitment to fostering economic ties and digital financial inclusion between India and the UAE.
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