Wizz Financial, a Fintech company, will join hands with NPCI International Payments (NIPL), the international arm of National Payments Corporation of India (NPCI), to give shape to a live digital payment platform.
The tie-up will help a number of platforms created by NPCI, using open-source technologies. NPCI is known for its retail payments, Unified Payments Interface (UPI). UPI enabled 39 billion financial transactions, which stood at around $940 billion.
The enablement was carried out under the supervision of Central Bank and with the collaboration of payment ecosystem. The platform has boosted financial inclusion for unbanked people.
The payment platform in the UAE is part of Wizz Financial’s vision to create a government-to-consumer platform, whereby governments will be able to securely transfer money to citizens directly, without going through banks or other intermediaries which can slow the delivery process and add fees and complications to the transfer process, according to media reports.
Wizz Financial vice chairman and Royal Strategic Partners CEO Dr Hamad Al Ali, reportedly said: “The UAE has always been at the forefront of delivering innovative technological solutions and we are excited to bring this platform here.”
“The UAE is a strategic market for us, given it is home to around 3.5 million people from India and also one of the top outbound travel destinations for Indians,” pointed out NIPL CEO Ritesh Shukla.
“While these platforms help merchants and consumers, they also help to promote financial inclusion. The platforms can also enable individuals with a secure and convenient way to receive payments directly into their account and eliminates the need to handle cash,” said Wizz Financial co-founder and group chairman Amir Nagammy.