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Modi launches RuPay card in UAE, buys 1 kg laddoos
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SME Times News Bureau | 24 Aug, 2019
Prime Minister Narendra Modi on
Saturday swiped his RuPay card to purchase one kg of laddoos at the
Emirates Palace - formally launching the Indian indigenous equivalent of
Mastercard or Visa in the UAE.
The United Arab Emirates is the first country in the Middle East where the RuPay card has been launched.
Twelve
major business outlets in the UAE will start accepting the RuPay card
starting next week, Indian Ambassador Navdeep Singh Suri announced
during the launch.
Modi used his RuPay card for purchasing laddoos at a mock Chhappan Bhog Abu Dhabi outlet set up during the launch.
"He
bought one kilo of motichur laddoos by using the card," Vinay Verma,
owner and managing director of Chhappan Bhog, told the Khaleej Times.
"It
is great pleasure and honour for us to be part of this ambitious
launch. He is going to take it (the laddoos) to Bahrain as prasad for
the temple. He said he is very keen that we will be using the RuPay
card," said Verma.
Suri said three banks in the UAE - Emirates NBD, Bank of Baroda and FAB - will start issuing the card from next week.
The
business community welcomed this step and stated that the initiative
will go a long way in bringing India and UAE businesses together.
The
UAE receives close to three million Indian tourists annually.
Acceptance of the RuPay card in the UAE will lower the charges as
tourists will save on the exchange rate.
The National Payment
Corporation of India (NPCI) in association with Mercury Payments
Services - UAE's Domestic Scheme - has made RuPay cards acceptable at
175,000 merchant acceptance locations and 5,000 ATM and cash access
locations within the UAE.
The NPCI, which manages the RuPay card
network in the country, issues RuPay Global cards that run on the
Discover Network when used outside India. The acceptance of RuPay Global
cards with the partnership of Discover has reached over 44 million plus
merchants & 2 million ATM and cash access locations, across 190
countries and is constantly growing, the Ministry of External Affairs
said in a statement.
Adeeb Ahamed, Managing Director, LuLu
Financial Group, said low transaction processing fee makes RuPay more
economically feasible for banks, merchants as well as consumers and can
be easily leveraged by business to reach out to a larger segment of the
society.
"Indian tourists, who are one of the largest numbers to
come to UAE will be able to utilize the RuPay cards here as well, as
more strategic partnerships will make it more viable. We believe that
through the building of a larger ecosystem, RuPay can position itself as
a reliable, premium brand in the payment cards space," Ahamed added.
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