During a two-day trip to the UAE, Indian Prime Minister Narendra Modi officially inaugurated the BAPS Hindu temple and signed multiple bilateral agreements to strengthen the strong economic and commercial cooperation with the UAE. One of them significantly includes the introduction of the Jaywan card, built on India’s RuPay credit and debit card network. RuPay is India’s version of Visa or MasterCard. This collaboration, unveiled by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and Indian Prime Minister Narendra Modi, streamlines financial transactions for travellers.
RuPay cardholders from India can now use their cards in the UAE, simplifying the need for carrying large sums of cash or multiple credit cards. The partnership ensures that transactions are conducted in local currencies, eliminating the hassle of currency conversion. This convenience is supported by the card's security features, including a chip for secure transactions and an embedded microprocessor circuit with cardholder information.
Aside from enhancing card usage, both nations also inked an important agreement that involves integrating India’s Unified Payments Interface (UPI) with the UAE’s 'Aani' payment system, which is managed by Al Etihad Payments, a subsidiary of the Central Bank of the UAE. This integration enables seamless and immediate transfers between the two nations, promoting smoother financial interactions for individuals and businesses alike.
Overall, the introduction of the Jaywan card and the bilateral agreements signify a significant step towards enhancing financial connectivity and promoting trade and travel between India and the UAE.