India and UAE links UPI and AANI, introduces RuPay and JAYWAN cards

NEW DELHI: UAE's own digital card payment system JAYWAN has come into existence. UAE's digital payment system is modeled on India's Unified Payments Interface (UPI). Jaywan is India's RuPay card.

The Reserve Bank of India and the UAE Central Bank had signed an agreement last year regarding digital currency transactions. National Payments Corporation of India has awarded the contract to the UAE Central Bank to manufacture JAYWAN cards.

India's online payment service UPI and UAE's AANI was linked. Prime Minister Narendra Modi and United Arab Emirate President Sheikh Mohamed bin Zayed Al Nahyan on Tuesday jointly unveiled the UPI RuPay card service in Abu Dhabi. PM Modi hailed the moment as the dawn of a new era in financial technology and said, "We are stepping into a new FinTech era with the launch of my UPI RuPay card and your Jaywan card"

"This will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interlinking payment and messaging systems signed in July last year during Hon’ble PM’s visit to Abu Dhabi," said the MEA statement.