Al Etihad Payments (AEP) and NPCI International Payments Limited (NIPL), have announced a strategic partnership to advance the development of the UAE’s first national domestic card scheme.
Etihad Payments is a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE). As part of its Financial Infrastructure Transformation (FIT) program introduced in 2023, CBUAE’s launch of Al Etihad Payments aims to implement an interoperable and enabling payments infrastructure. In turn, this allows licensed financial institutions and payment service providers to further enhance customer experience through advanced payment solutions.
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Domestic card scheme to enhance UAE’s position in the digital payments market
NIPL was commissioned for this initiative following a comprehensive selection process. The process gauged the capacity of its solution to meet the needs of consumers and merchants. In addition, it surveyed its ability to build an integrated financial infrastructure. NIPL will operate the domestic card scheme and provide fraud monitoring and data analysis support.
Scheduled to launch in early 2024, the domestic card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE. It will also aim to bolster financial inclusion, support the nation’s digitisation agenda, increase alternative payment options, reduce the cost of payments, and enhance the UAE’s competitiveness and position as a global digital payments leader.
Jan Pilbauer, CEO of AEP, said: “It is with great pride that we at AEP support the launch of the UAE domestic card scheme initiative under the guidance of the CBUAE and its strategic objectives, and in collaboration with the NIPL. Through the implementation of best-in-class technologies, we are enabling the UAE’s licensed financial institutions to offer consumers, merchants and all other stakeholders of the financial system a more robust payment infrastructure, underpinned by a commitment to facilitate the UAE’s digital ambitions.”
Ritesh Shukla, CEO of NIPL, commented: “We are pleased to announce our collaboration with the Central Bank of the UAE and Al Etihad Payments. Together, we will work on building, implementing, and operationalising the UAE’s National domestic card scheme. This partnership aligns perfectly with NIPL’s global mission to offer our knowledge and expertise to assist other countries in establishing their own cost-effective and secure payment services. Our domestic card scheme solution is based on the principles of sovereignty, speed to market, innovation, digitisation, and strategic independence. We firmly believe that our track record of success, particularly in a dynamic market like India, positions us as the ideal partners for this promising endeavour.”
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