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Prime Minister Narendra Modi and UAE's President Sheikh Mohamed bin Zayed Al Nahyan joined forces to introduce the UPI RuPay card service in Abu Dhabi. The service commenced with President Nahyan swiping a card embossed with his name, symbolizing the beginning of this financial technology era.
A New FinTech Era:
Addressing the milestone, PM Modi said, "We are embarking on a new FinTech era with the launch of my UPI RuPay card and your Jaywan card," highlighting the transformative potential of this collaboration. The leaders witnessed the exchange of several bilateral agreements, solidifying the strong ties between India and the UAE.
Among the key agreements was the interlinking of instant payment platforms - UPI (India) and AANI (UAE). This development aims to facilitate seamless cross-border transactions between the two nations, fostering economic cooperation. The agreement builds upon the foundation laid during Modi's visit to Abu Dhabi in July last year when an MoU on interlinking payment and messaging systems was signed.
Additionally, a pivotal agreement was reached on interlinking domestic debit/credit cards, specifically RuPay (India) with JAYWAN (UAE). This strategic step is pivotal in enhancing financial sector cooperation and expanding the universal acceptance of RuPay across the UAE.
Global Reach of UPI:
Highlighting the global reach of India's Unified Payments Interface (UPI), Modi announced the expansion of UPI services to the iconic Eiffel Tower in Paris on February 2. This move reflects the realization of Prime Minister Modi's vision to take UPI to a global platform, emphasizing India's prowess in the FinTech landscape.
India has announced the extension of UPI services to Mauritius and Sri Lanka. This expansion signifies India's commitment to fostering digital financial connectivity on an international scale.
the launch of the UPI RuPay card service symbolizes a landmark achievement in financial cooperation between India and the UAE, opening avenues for seamless transactions and strengthening economic ties.
