https://sputniknews.in/20240213/brics-de-dollarisation-drive-india-links-upi-rupay-cards-to-uae-platforms-6533151.html
BRICS De-dollarisation Drive: India Links UPI, Rupay Cards to UAE Platforms
BRICS De-dollarisation Drive: India Links UPI, Rupay Cards to UAE Platforms
Sputnik India
Prime Minister Modi, who is on a two-day visit to the UAE, held delegation-level and one-on-one talks with President Mohamed bin Zayed Al Nahyan in Abu Dhabi on Tuesday.
2024-02-13T18:43+0530
2024-02-13T18:43+0530
2024-02-13T18:43+0530
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India and the United Arab Emirates (UAE) have inked pacts to inter-link New Delhi's domestic payments' platform Unified Payments' Interface (UPI) to Abu Dhabi-backed instant payments platform Aani, according to a statement by the Ministry of External Affairs (MEA). Significantly, both the countries have also agreed to interlink India's domestically-developed Rupay Card with UAE's Jaywan. The MEA statement noted that the Jaywan card was based on the "digital RuPay credit and debit card stack". The Indian statement highlighted that both the pacts would enhance financial sector cooperation and facilitate the acceptance of the Indian Rupee (INR)-based platforms in the UAE. India, UAE Finalise Investment Treaty The two governments have also signed pacts on cooperation in digital infrastructure, electricity trade and interconnection as well as heritage cooperation. The MEA said that both the nations have also signed an "intergovernmental framework agreement" on the India-Middle-East Europe Economic Corridor (IMEEC), a region connectivity initiative launched at the G20 Summit in New Delhi last September. "This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity," it said. Further, the Indian leader expressed his gratitude for UAE's support for the construction of the BAPS Temple, which is the first Hindu temple in Emirati capital.
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BRICS De-dollarisation Drive: India Links UPI, Rupay Cards to UAE Platforms
Indian Prime Minister Modi, who is on a two-day visit to the UAE, held delegation-level and one-on-one talks with President Mohamed bin Zayed Al Nahyan in Abu Dhabi on Tuesday.
India and the United Arab Emirates (UAE) have inked pacts to inter-link New Delhi's domestic payments' platform Unified Payments' Interface (UPI) to Abu Dhabi-backed instant payments platform Aani, according to a statement by the Ministry of External Affairs (MEA).
"This will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interlinking payment and messaging systems signed in July last year during Prime Minister Modi's visit to Abu Dhabi," remarked the Indian statement.
Significantly, both the countries have also agreed to interlink India's domestically-developed Rupay Card with UAE's Jaywan. The MEA statement noted that the Jaywan card was based on the "digital RuPay credit and debit card stack".
The Indian statement highlighted that both the pacts
would enhance financial sector cooperation and facilitate the acceptance of the Indian Rupee (INR)-based platforms in the UAE.
India, UAE Finalise Investment Treaty
Another significant outcome of the summit-level talks was the exchange of the bilateral investment treaty between the two nations.
"This agreement will be a key enabler for further promoting investments in both countries. India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement (CEPA) with UAE," the MEA said.
The two governments have also signed pacts on cooperation in digital infrastructure, electricity trade and interconnection as well as heritage cooperation.
The MEA said that both the nations have also signed an "intergovernmental framework agreement" on the India-Middle-East Europe Economic Corridor (IMEEC), a region connectivity initiative launched at the G20 Summit in New Delhi last September.
"This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity," it said.
Modi and Al Nahyan also reviewed the expanding energy cooperation between the two partners, noting that UAE was among the biggest sources of crude and Liquefied Natural Gas (LNG) for Indian economy.
Further, the Indian leader expressed his gratitude for UAE's support for the
construction of the BAPS Temple, which is the first Hindu temple in Emirati capital.
"Both sides noted that the BAPS Temple is a celebration of UAE-India friendship, deep-rooted cultural bonds and an embodiment of the UAE’s global commitment to harmony, tolerance and peaceful coexistence," the MEA release concluded.
