India and UAE Ink MoU to Link UPI with AANI for Seamless Cross-Border Transactions

India and UAE strengthen ties with multiple MoUs, including interlinking of UPI and UAE's AANI for effortless cross-border transactions. Read more about the agreements signed between the two nations.

India and UAE Ink MoU to Link UPI with AANI for Seamless Cross-Border Transactions
India and UAE Ink MoU to Link UPI with AANI for Seamless Cross-Border Transactions

News Desk, February 13: In a significant move to bolster bilateral relations, India and the United Arab Emirates (UAE) have exchanged multiple memoranda of understanding (MoUs), including an agreement aimed at interlinking India’s Unified Payments Interface (UPI) with UAE’s instant payment platform, AANI. The exchange took place in the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan.

The memorandum on interlinking UPI and AANI is poised to streamline cross-border transactions between the two nations, facilitating seamless financial interactions.

Alongside the UPI-AANI agreement, the MoUs covered various areas of cooperation, spanning investment treaties, digital infrastructure projects, and integration of debit and credit cards with online payment platforms.

India’s Ministry of External Affairs highlighted the significance of the Bilateral Investment Treaty, emphasizing its role in fostering investments in both countries. Additionally, agreements pertaining to energy collaboration, digital infrastructure projects, and archival cooperation were exchanged.

Furthermore, an Intergovernmental Framework Agreement on the India-Middle East Economic Corridor was signed, aiming to enhance regional connectivity and cooperation between India and the UAE.

The cooperation protocols established between the national archives and in the field of heritage and museums signify extensive bilateral collaboration, including restoration and preservation efforts.

The agreement on interlinking UPI with AANI follows a previous MoU signed last year during Prime Minister Modi’s visit to Abu Dhabi, focusing on linking payment and messaging systems between the two nations.

Another noteworthy agreement involves the integration of domestic debit and credit cards, RuPay from India and JAYWAN from the UAE. This initiative aims to enhance financial sector cooperation and broaden the acceptance of RuPay across the UAE.

During the exchange, Prime Minister Modi congratulated UAE President Al Nahyan on the launch of UAE’s domestic card, JAYWAN, which leverages the digital RuPay credit and debit card infrastructure.

The leaders also discussed strengthening the energy partnership, highlighting India’s increasing engagement in long-term contracts for LNG with the UAE, which is a significant source of crude and LPG.

Ahead of the visit, agreements were signed between RITES Limited and Abu Dhabi Ports Company, as well as the Gujarat Maritime Board, to enhance port infrastructure and connectivity between the two nations.

The exchange of MoUs underscores the commitment of India and the UAE to deepen their strategic partnership across various sectors, paving the way for enhanced economic cooperation and seamless transactions between the two countries.

Also Read: PM Modi Praises UAE President for Support to Indians During Covid Crisis