Al Etihad Payments partners India’s NPCI to develop UAE’s first domestic card scheme
Al Etihad Payments, a wholly-owned subsidiary of the Central Bank of the UAE, has entered into a strategic partnership with India’s NPCI International to develop the UAE’s first national domestic card scheme.
NPCI International and Al Etihad Payments sign strategic partnership. Image source: NPCI International
The UAE’s central bank formed Al Etihad Payments to build a payments infrastructure that enables licenced financial institutions and payment service providers (PSPs) to enhance customer experience in the region through “advanced” payment solutions. The initiative forms part of the country’s Financial Infrastructure Transformation (FIT) programme launched this year.
Through the proposed domestic card scheme, which is scheduled to roll out early next year, the UAE aims to facilitate the growth of e-commerce and digital transactions in the country, increase financial inclusion and payment options, as well as reduce the cost of payments.
It says it chose NPCI International after a “comprehensive selection process that gauged the capacity of its solution in meeting the needs of consumers and merchants, in addition to its ability to build an integrated financial infrastructure”.
To that end, NPCI will operate the domestic card scheme as well as provide support with fraud monitoring and data analysis.
Commenting on the partnership, Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL), says: “This partnership aligns perfectly with NIPL’s global mission to offer our knowledge and expertise to assist other countries in establishing their own cost effective and secure payment services.”
