Al Ansari Exchange partners with NIPL to enable UPI remittance payments to India

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Al Ansari Exchange partners with NIPL to enable UPI remittance payments to India:

Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, recently signed an agreement with NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI) to offer consumers real-time remittances to India.

The partnership was sealed as Al Ansari Exchange continues to align its strategy to the joint UAE-India Vision Statement that aims to advance the India–UAE Comprehensive Strategic Partnership to new frontiers and new milestones.

Al Ansari Exchange’s customers will soon be able to connect to the Unified Payments Interface (UPI), an instant real-time payment system developed by NPCI and operating at a great scale. This partnership will facilitate real-time cross-border remittance to the beneficiaries in India, making cashless payments faster, easier and simpler, round the clock and 365 days a year.

Rashed A. Al Ansari, CEO of Al Ansari Exchange commented, “We are looking forward to bringing this partnership to life very soon and to being able to provide our large customer base of Indian Nationals in the UAE a solution to connect to the UPI infrastructure and facilitate real-time payments and remittances. Our new partnership with NPCI is part of our ongoing overarching digitalization efforts to further enhance our business efficiency and remittance services and enrich the experiences of our customers. It is also a testament to Al Ansari Exchange’s commitment to contribute to the growing bilateral relations between the UAE and India, in line with the directives of our country’s leadership.”

Ritesh Shukla, CEO, NIPL said, “India is the largest recipient of cross-border remittances, receiving over US$ 80 billion per annum. Our partnership with Al Ansari Exchange is aimed at offering easy, safe, and instant cross-border remittance facility leveraging UPI Ecosystem. We believe this initiative will provide seamless, and real-time cross-border remittance experience to 3.5 million Indians residing in the UAE. At NIPL, it is a constant endeavor, to add value to lives of consumers in the area of digital payments and we believe this partnership is a step forward in that direction.”

About NPCI International

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly-owned subsidiary of National Payments Corporation of India (NPCI). As the international arm of NPCI, NIPL is devoted for the deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Card Scheme – RuPay, outside of India.

NPCI has successfully developed and proved its product and technological capabilities in the domestic market by transforming the payment segment in India. Conversely, several countries want to establish a ‘real-time payment system’ or ‘domestic card scheme’ in their own country. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing, consulting for building real-time payment systems to meet the rapidly evolving need of fast-growing global businesses.

NIPL is focused on transforming payments across the globe with the use of technology and innovation. It will not only enable payment for Indians but also uplift other countries by enhancing their payment capabilities through technological assistance, consulting, and infrastructure.

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