Dubai Conclave Reveals Major Advancements in India-UAE Digital Payments
Dubai Conclave Showcases Advances in Digital Payments for India-UAE Collaboration
Dubai Conclave Highlights Advances in Digital Payments for India-UAE Collaboration
The recent conclave hosted by the Indian Business and Professional Council (IBPC) in Dubai, in collaboration with representatives from the National Payments Corporation of India and the Reserve Bank of India, marked a significant milestone in enhancing economic collaboration and facilitating seamless cross-border transactions between India and the UAE. Held at the prestigious Taj Dubai, this event showcased major advancements in digital payments and currency settlement mechanisms, underscoring the commitment of both nations to leverage cutting-edge technology for mutual benefit.
A key highlight of the conclave was the unveiling of the local currency settlement (LCS) framework, a key outcome of Prime Minister Narendra Modi’s visit to the UAE earlier this year. This framework, aimed at fostering greater economic integration, represents a significant step forward in the bilateral relationship.
During the conclave, Mr. Radha Shyam Ratho, Executive Director at the Reserve Bank of India, provided valuable insights into the integration of India’s Unified Payments Interface with the UAE’s payment infrastructure. He emphasized that this cross-border settlement mechanism, powered by the stability of the Indian rupee and advanced digital payment technologies, is poised to revolutionize financial transactions between the two countries.
The LCS framework offers several tangible benefits, including direct bilateral settlements in INR and AED, reduced dependency on intermediary currencies, and lower transaction costs. Additionally, it streamlines access to trade credit and export advances, facilitating smoother cross-border trade.
The conclave also highlighted the growing acceptance and adoption of RuPay cards and the Unified Payments Interface (UPI) in the UAE. With RuPay cards seamlessly integrated via the Mercury payment gateway and UPI payments facilitated through Mashreq Bank, the digital payment ecosystem is set for further enhancement.
Looking ahead, future initiatives include the integration of UPI with the Aani service for remittances and the international acceptance of RuPay cards. These initiatives underscore a shared commitment to enhancing the efficiency, security, and convenience of cross-border financial transactions.
The conclave served as a testament to the growing importance of digital payments and currency settlement mechanisms in fostering economic collaboration between India and the UAE. With trade between the two nations reaching $84 billion and a comprehensive economic partnership agreement in effect, there is a shared aspiration to deepen and expand bilateral ties further. The event concluded on a note of optimism, with a renewed commitment to ongoing collaboration and innovation, highlighting the robust and dynamic partnership between India and the UAE.
