India has taken a groundbreaking step in partnership with UAE-based payment solution provider Magnati, enabling Indians to go cashless in the majority of shops. NPCI International Payments Limited (NIPL) announced a partnership with Magnati to advance QR-based Unified Payments Interface (UPI) merchant payments via point-of-sale (POS) terminals in the Middle East. The collaboration aims to expand QR based merchant payment network in the UAE by enabling more merchants to provide UPI as a payment method to Indian travellers.
UPI, one of the most widely used real-time payment systems, processes billions of transactions worldwide. This partnership aims to make UPI a convenient payment option for over 12 million Indian tourists who visit the UAE annually. In 2023, India topped the list of countries with the highest number of visitors to Dubai, with a staggering 11.9 million travelers, followed by Saudi Arabia with 6.7 million and the United Kingdom with 5.9 million passengers.
The collaboration will strengthen India’s online payment system, providing a significant boost to Indians residing in the UAE. This landmark initiative could also influence other Middle Eastern countries, encouraging them to adopt similar advancements in digital payment solutions, following the UAE’s lead.
UPI Payment
UPI is recognised as one of the world’s most successful real-time payment systems, processing over 16 billion transactions in December 2024 alone. With this partnership, NIPL can provide seamless payment options to more than 12 million Indians travelling to Dubai and the UAE annually. It plugs an Indian solution into the global digital payments network and allows UAE merchants to cater to a growing Indian consumer base.
The partnership will initially offer UPI acceptance across Dubai Duty Free, enhancing the shopping and payment experience for Indian tourists. It will further pave the way for future expansion across key merchant categories including retail, hospitality, transport, and supermarkets, among others.
Ritesh Shukla, Chief Executive Officer, NPCI International, said, “The partnership with Magnati is a strategic step towards expanding UPI acceptance in the UAE. It offers Indian travellers a seamless and familiar payment experience at premier destinations like Dubai Duty-Free.” He further said that it paves the way for broader economic and cultural connections between India and the UAE.”
UNI reported that, Salim Awan, Managing Director, Institutional Payments Solutions, Magnati, said, “With the NPCI International collaboration, Magnati has expanded its alternative payment channels network for Dubai Duty Free as this partnership aims to bolster digital payments, facilitate cross border payments and provide a seamless payment experience catering to the Indian travellers and NRIs. This collaboration exemplifies our commitment to innovative digital solutions and create value through a globally connected ecosystem.”
