MUSCAT: The National Payments Corporation of India (NPCI) and the Central Bank of Oman are expected to sign a strategic agreement during the official visit of India’s Minister of State for External Affairs V Muraleedharan, on October 3rd and 4th. According to Indian news sources, this agreement will establish cooperation in digital finance and payments for the usage of RuPay – the multinational financial and payment service system – and UPI (Unified Payments Interface), benefiting the large community of Indian expatriates in Oman.

Both RuPay and UPI are NPCI products. RuPay is a first of its kind Global Card payment network from India; while UPI is an instant real-time payment system that facilitates inter-bank transactions through mobile phones. It is a system that powers multiple bank accounts of participating banks into a single mobile application, merging several banking features.

With the signing of this pact, Oman will become the latest country in West Asia to start using India’s RuPay card and UPI platform.

During his visit to the country, India’s External Affairs Minister is scheduled to meet Oman’s Foreign Minister Sayyid Badr bin Hamad bin Hamood Albusaidi, and also attend Indian community events.