The United Arab Emirates is to launch its domestic card scheme in early 2024. The scheme is being developed in partnership with NPCI International Payments Ltd (NIPL), which led to the development of India’s RuPay card scheme.
The new card scheme is designed to reduce the UAE’s reliance on international card networks such as Visa and Mastercard. It is also expected to boost innovation and competition in the UAE’s payments sector.
The scheme is being led by former Mastercard and Visa executive Ritesh Shukla, who says the solution is based on sovereignty, speed to market, innovation, digitisation, and strategic independence.
The Central Bank of the UAE is also pleased with the collaboration with India and is confident they have chosen the ideal partners to accomplish this venture with.