LuLu hypermarkets across the UAE have launched UPI (Unified Payments Interface) payments, enabling Indian visitors to make purchases using their Indian bank accounts. By scanning a UPI QR code at checkout, shoppers can pay in Indian rupees rather than foreign currencies.
Enhanced Convenience for Indian Tourists
With UPI payments now available, over 10 million Indian tourists visiting the UAE annually will experience greater convenience. According to V. Nandakumar, Director of Marketing at LuLu Group, this advancement will boost local trade and make transactions easier for Indian shoppers.
Lower Processing Fees and Instant Payments
UPI transactions are expected to be more cost-effective compared to traditional payment networks like Visa and Mastercard. Ashish Panjabi, COO of Jacky’s Group, highlights that UPI payments are processed instantly, benefiting both UAE retailers and consumers. Final processing charges are still being negotiated.
Benefits for High-Value Purchases
Gold and jewelry retailers in the UAE, such as Malabar Gold & Diamonds, anticipate significant advantages from UPI payments. Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds, notes that UPI could lead to savings for retailers, which can be passed on to Indian customers. This is expected to attract more Indian shoppers, especially for big-ticket items.
Everyday Transactions and Future Growth
UPI is also useful for everyday transactions, offering secure and low-cost payment options. Anil Dhanak, Managing Director of Kanz Jewels, points out that UPI’s secure and minimal-fee transactions will appeal to Indian shoppers. As more retailers adopt UPI, its use is expected to expand across the UAE.
LuLu Group’s introduction of UPI payments marks a significant shift in shopping convenience for Indian visitors, with broader adoption anticipated to benefit both consumers and retailers in the UAE.
