There are five card networks in India: Visa, Mastercard, RuPay, Diners Club, AmEx. The network in question has allegedly allowed businesses to make payments through intermediaries to entities that cannot accept card payments.
The introduction of UPI services in Abu Dhabi marked a significant milestone in India-UAE relations, showcasing the commitment of both nations to enhance financial connectivity and promote digital innovation. During the bilateral meeting between PM Modi and UAE President Sheikh Mohammed Bin Zayed Al Nahyan on February 13, several MoUs were exchanged, reflecting the multifaceted nature of the strategic partnership between New Delhi and Abu Dhabi.
India Uae Agreement: On Tuesday, India and the UAE finalized seven agreements, including a Bilateral Investment Treaty (BIT) and an Intergovernmental Framework Agreement on the India-Middle East-Europe Economic Corridor, after discussions between Prime Minister Narendra Modi and President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.
Though these agreements are still in their early stages and the specific details of implementation are yet to be known, they facilitate two main objectives: seamless cross-border transactions and enhanced card acceptance