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Major advancements in India-UAE digital payments revealed at Dubai Conclave

Published on June 08, 2024
Current Context: The Dubai Conclave on June 7, 2024, at the Address Dubai Marina, highlighted significant advancements in India-UAE digital payments. 
Major advancements in India-UAE digital payments revealed at Dubai Conclave
  • The Indian Business and Professional Council (IBPC) in Dubai, along with representatives from the National Payments Corporation of India and the Reserve Bank of India, showcased these advancements.
  • Key highlights include:
    • Local Currency Settlement (LCS) Framework: This framework, a key outcome of Prime Minister Narendra Modi’s visit to the UAE earlier this year, facilitates direct bilateral settlements in INR and AED, reducing dependency on intermediary currencies and lowering transaction costs.
    • Integration of UPI with UAE’s Payment Infrastructure: This integration marks a significant milestone in the bilateral economic relationship, leveraging the stability of the Indian rupee and advanced digital payment technologies to reduce transaction costs and enhance financial transparency and convenience.
    • RuPay Cards and UPI Payments: RuPay cards are now accepted via the Mercury payment gateway in the UAE, and UPI payments are possible through Mashreq Bank. The upcoming RuPay Stack, dubbed JAYWAN in the UAE, is set to roll out in July 2024, with further enhancements planned for October 2024.
    • Future Initiatives: These include integrating UPI with the Aani service for remittances and enabling international acceptance of RuPay cards.
  • These developments aim to create a seamless financial ecosystem that benefits businesses and consumers alike, fostering deeper economic ties between India and the UAE.

Question:

1 Which framework facilitates direct currency settlements between India and the UAE?

  • A) UPI integration
  • B) RuPay Stack (JAYWAN)
  • C) Local Currency Settlement (LCS) Framework
  • D) Aani remittance service
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