Lately, India had decided to open up Unified Payments Interface (UPI) to NRIs in ten select countries.
The new decision allows NRIs to use their international number connected with Indian accounts for UPI transactions. Like any other Indian users, now NRIs too can use UPI for merchant payment as well as peer-to-peer payment. This move created a wave among remittances-focused fintech ventures in the UAE.
The Dubai-based user-generated finance platform Xare’s decision to acquire Bengaluru-based Rive is an example. Rive is India’s first platform that allows credit card users, including international card holders, to scan and pay instantly at 63 million QR codes across India. This causes zero charges to the merchant. With the acquisition, Xare will be able to give UPI access to millions of NRIs visiting India, foreign tourists, and business travellers with international cards.
Milind Singh and Padmini Gupta are the co-founders of Xare, a global product. Rive is a startup established by Pankaj Mishra, Prashanth Guru, and Ritvik Jain. It allows any user to use their credit card on UPI without KYC requirements or credit checks. The startup already has 100,000 users. The acquisition will help Xare expand its offering for users in India. Meanwhile, experts say that many fintech businesses in UAE and other GCC countries are eyeing the UPI segment in India. They would foray into the sector either via acquisitions or own ventures. The Xare-Rive acquisition deal is just a head start, they believe. UAE, Saudi Arabia, Qatar, and Oman are there in the list of ten select countries.
