(MENAFN - Khaleej Times) Twelve major businesses in UAE will start accepting the RuPay card from next week, Indian ambassador Navdeep Singh Suri announced on Saturday during the official launch at Emirates Palace.
Indian Prime Minister Narendra Modi, who is on a two-day visit to the UAE, was present at the event.
Suri said three banks in the UAE will start issuing the card by next week. Emirates NBD, Bank is Baroda and FAB are the banks.
A MoU was exchanged to the effect.
Here's how the UAE-based business community has reacted:
Yusuff Ali MA, Chairman & Managing Director, Lulu Group International:
"Introduction of RuPay is surely going to be a great initiative for the millions of travelers and tourists and also NRIs who own these cards. I think the key aspects would be the convenience and ease of usage that RuPay will bring to the user. The huge numbers of RuPay card holders is great potential for businesses here and all our 174 Lulu Hypermarkets, shopping malls and exchanges across the region are fully equipped to accept RuPay cards."
Adeeb Ahamed, MD, LuLu Financial Group:
"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. Furthermore, RuPay can lend itself to socio-economic initiatives for financial inclusion, as it has done in India with government sanctioned projects and payment schemes for transport."
"RuPay has been gaining traction since it was first introduced in India in 2012, giving competition to other card networks internationally. The card is widely accepted at all major banks, their ATM networks as well as a large number of stores as well. 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."
Promoth Manghat, Group Chief Executive Officer at Finablr:
"RuPay complements the rapidly growing digital payments landscape in India and is a strong tool that supports the country's financial empowerment agenda. The launch of the RuPay card scheme in the UAE during PM Narendra Modi's state visit speaks volumes of the commitment of the Indian Government towards this initiative. With the largest population of NRIs and as a popular destination for Indian tourists, the UAE is a naturally relevant market for RuPay as it expands its international presence, enhancing the mobility of globe-trotting Indians while providing a host of benefits to the NRI community in the UAE."
Anjana Sankar is a journalist by profession and a humanist by passion. Her cluttered desk is not indicative of her state of mind.