India set to launch the RuPay Domestic Card Scheme in the UAE
A strategic partnership agreement has been reached between NPCI International Payments Ltd (NIPL), a fully owned subsidiary of the National Payments Corporation of India (NPCI), and Al Etihad Payments (AEP) for the deployment of the Domestic Card Scheme (DCS) in the United Arab Emirates.
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The Central Bank of the UAE (CBUAE) indirectly owns AEP. In accordance with the agreement, NIPL and AEP will collaborate to develop, deploy, and implement the national Domestic card scheme for the UAE.
Additionally, NIPL will help AEP create the rules for their domestic card program. DCS aims to promote financial inclusion, promote the digitization agenda, increase alternative payment options, lower payment costs, and improve the competitiveness of the Middle Eastern nation as a global payments leader, in addition to enabling the growth of electronic commerce and digital transactions in the UAE.
The national domestic card programme for the UAE will be developed, implemented, and put into operation by the two organizations in accordance with the agreement that was signed by NIPL and AEP.
How this move will benefit?
The UAE's domestic card programme aims to support the development of e-commerce and digital transactions in the country, promote financial inclusion, advance the country's digitization agenda, increase the availability of alternative payment methods, lower payment costs, and strengthen the UAE's competitiveness and establish as a leader in global payments.
A RuPay stack and value-added services like fraud monitoring and analytics make up the DCS solution offered by NIPL. RuPay cards are a commonly used card payment network in India; they include prepaid, debit, and credit options.
As of today, there are approximately 750 million RuPay cards in use, making up more than 60% of all Indian credit and debit cards. These cards are issued by all types of banks, including big, small, public, and private ones.
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