Narendra Modi, Prime Minister of India and Sheikh Mohammed bin Zayed, Crown Prince of the Emirate of Abu Dhabi are seen meeting in New Delhi in 2017
Dhaka: The UAE will be the first country in the Middle East to witness the launch of the RuPay card, "an Indian indigenous equivalent of Mastercard or Visa", during the visit of Narendra Modi, Prime Minister of India on August 23-24, Navdeep Singh Suri, Ambassador of India to the UAE, said.
"A Memorandum of Understanding (MoU) to establish a technology interface between the payment platforms in India and UAE would be exchanged between the National Payments Corporation of India and UAE's Mercury Payments Services. This will enable the RuPay card to be used at point-of-sale terminals across the UAE," he mentioned on August 21.
"The UAE is the largest and most vibrant business hub in the region. It hosts the largest Indian community, receives the largest number of Indian tourists and has the largest trade with India. By becoming the first country in the region to introduce the RuPay card, we expect that each of these elements of tourism, trade and the Indian diaspora will benefit," he explained.
India has already launched RuPay card in two other foreign countries, Singapore and Bhutan, the envoy said.
Ahead of Modi's visit, the Indian Embassy has completed establishing the system to issue India's newly introduced five-year multiple entry tourism and business visa for Emiratis. "We are required under our regulations to obtain biometric data of the Emirati applicants on the first occasion and I am happy to say that we have now established these systems across the BLS Service Centres in UAE (the Indian Embassy's outsourced centres for passport and visa services)," the envoy revealed.
Modi will receive the Zayed Medal, the UAE's highest civilian award, during the visit. "We deeply appreciate the decision of the sagacious leadership of UAE (in this regard)," the ambassador said.
The India-UAE Comprehensive Strategic Partnership developed during the past four years is expanding into areas like trade and investment, energy, defense and security, and connections between the youth.
In the economic front, the bilateral trade touched almost USD60 billion last year with a fairly balanced profile of about USD30 billion of exports and USD30 billion of imports, the Ambassador said.