In the last decade, if you have to pick a milestone event in the Indian financial system, it might be the introduction of UPI payments. It would be an understatement to say it has eased the way we make payments. The country saw a drastic shift from cash payments thanks to the introduction of Unified Payment Interface (UPI). Now that it has been a success in India, it is time for it to make its way abroad.
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UPI has already been introduced in many countries as an accepted mode of payment. This is helping a large number of Indians who travel outside and have to deal with forex cards and currency exchange. Now customers in UAE can do shopping with their UPI as supermarkets owned by a big business will accept it as a payment method.
The business conglomerate made the announcement in Dubai and the first UPI transaction for it was made in the presence of Deputy Consul General Of India, Yatin Patel. UPI will be accepted at all supermarkets of the conglomerate across the country.
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UAE has a large number of Indians and Indian tourists visiting all year long. This is going to be a big boost to the tourism sector as spending money is going to get easier. The move can influence other businesses to adopt the payment method as well.
