Prime Minister Narendra Modi and UAE’s President Sheikh Mohamed bin Zayed Al Nahyan jointly launched the UPI RuPay card service in Abu Dhabi on Tuesday. President Nahyan marked the occasion by swiping a card embossed with his name, signaling the commencement of the service.
Addressing the gathering, Prime Minister Modi hailed the launch as the dawn of a new FinTech era, emphasizing the significance of the collaboration between the two nations. The event witnessed the exchange of multiple bilateral agreements, aimed at enhancing financial cooperation.
Among the key agreements was the interlinking of instant payment platforms – UPI (India) and AANI (UAE). This agreement paves the way for seamless cross-border transactions, facilitating smoother financial interactions between India and the UAE.
Additionally, an agreement on inter-linking domestic debit/credit cards, specifically RuPay (India) with JAYWAN (UAE), was signed. This step is expected to bolster financial sector cooperation and expand the universal acceptance of RuPay across the UAE.
The agreements build upon previous collaborations, including the MoU signed last year during Prime Minister Modi’s visit to Abu Dhabi. These initiatives underscore the commitment of both nations to foster greater economic integration and cooperation.
