RuPay to be accepted in Saudi

India’s plan to take the domestic RuPay card network global has received a big boost with Prime Minister Modi’s visit to Saudi Arabia. One of the agreements signed with the Saudi administration this week was a memorandum of understanding between National Payments Corporation of India and Saudi Payments for acceptance of RuPay.

The agreement was signed by NPCI chief digital officer Arif Khan and Saudi Payments MD Ziyad Al Yusuf. The MoU comes soon after the launch of RuPay in the UAE during Modi’s visit to Abu Dhabi in August. The objective of launching the card in the region was to enable Indian visitors to use their RuPay cards in popular tourist destinations like Dubai. Currently, there are nearly half a billion RuPay cards in circulation. There are also plans to have UAE banks and Indian banks in the region issue RuPay cards locally. The domestic payment network was launched in 2012 to counter the dominance of global networks MasterCard and Visa.

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