Wizz Financial to introduce live digital payment platform in the UAE

Fintech company Wizz Financial will partner with NPCI International Payments (NIPL), the international arm of National Payments Corporation of India (NPCI), to create a live digital payment platform, pending regulatory approvals.

The partnership will leverage various platforms developed by NPCI, using open-source technologies. NPCI, an authorised payment network in India, is known for its retail payments system, Unified Payments Interface (UPI). In 2021, UPI enabled 39 billion financial transactions amounting to approximately $940bn.

The enablement of UPI in India was conducted under the guidance of the Central Bank and through collaboration with the payment ecosystem, including financial institutions and fintechs. The platform has led to improved financial inclusion for those who are unbanked as it helps them to create a digital footprint for users which enables access to credit and other financial services.

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.

Wizz Financial announced new collaboration with @NPCI_NPCI on 7th March 2022
with @UPI_NPCI pic.twitter.com/6RVMh45peZ

— Wizz Financial (@WizzFinancial) March 11, 2022

Wizz Financial vice chairman and Royal Strategic Partners CEO Dr Hamad Al Ali, 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,” added 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,” noted Wizz Financial co-founder and group chairman Amir Nagammy.

In September last year, the UAE Central Bank also gave the company the green light to acquire UAE Exchange. Once finalised, UAE Exchange will relaunch its branch network in the UAE.

Read: UAE Central Bank gives in-principle approval for Wizz Financial to acquire UAE Exchange