Muscat: Within the framework of commercial and economic cooperation between the Sultanate of Oman and the Republic of India, the Central Bank of Oman (CBO) signed a Memorandum of Understanding (MoU) on Tuesday with the National Payments Cooperation of India (NPCI) to study the possibility of linking some payment systems between the two countries.

The MoU was signed by Tahir Salim al Amri, CBO’s Executive President and Ritesh Shukla, CEO of International Payments Limited, a subsidiary of NPCI.

The MoU aims at studying the possibility of connecting the Unified Payments Interface (UPI) and Rupay Card used in India with similar payment systems and services in the Sultanate of Oman. In order to maximize the mutual benefits for the two countries, the proposed cooperation will also consider the possibility of using Debit Cards issued by the banks in Oman to be used in India through OmanNet, as well as using the Mobile Payment System.

HE Al Amri explained that this cooperation aims to explore linking payment systems and services between the two countries, adding that this step will undoubtedly benefit the citizens of the two countries. He further added that this MoU will also contribute to the knowledge transfer in payment systems domain between the two countries, as well as keeping abreast of global developments in e-payment systems.

The signing ceremony was attended by the Indian Minister of State for External Affairs and Parliamentary Affairs, the Indian Ambassador to the Sultanate of Oman and other officials from both sides.

Source: Oman Observer