Indian Travellers In UAE Can Now Use Unified Payments Interface (Upi) For Payments.

Why in news?

• NPCI International Payments Ltd (NIPL), an International arm of National Payment Corporation of India (NPCI) has announced that BHIM UPI is now available at NEOPAY terminals, across the UAE.
  • Globally, UPI is accepted in Bhutan and Nepal, and is likely to go live in Singapore in 2022.
• UPI is an instant real-time payment system developed by NPCI facilitating inter-bank transactions.
  • It is the most successful real-time payments systems globally, providing simplicity, safety, and security in person to person (P2P) and person to merchant (P2M) transactions.
  • BHIM (Bharat Interface for Money), pioneered and developed by NPCI, enables fast, secure, reliable cashless payments through mobile phone.
  • UPI is one of the most prominent forms of digital payments worth $1 trillion in FY 2022.
  • BHIM, launched in 2016, brings in Financial Inclusion to the nation and a digitally empowered society.
• NPCI is an initiative of RBI and Indian Banks’ Association (IBA) under provisions of Payment and Settlement Systems Act, 2007, for creating a robust Payment and Settlement Infrastructure in India.
  • It aims to create a robust Payment & Settlement Infrastructure in India and operates RuPay (Indigenously developed Payment System), IMPS, NACH (National Automated Clearing House), ABPS (Aadhaar Payment Bridge System), NFS (National Financial Switch), Bharat Bill Payment System