Dubai launches UPN Payments to facilitate cashless transactions
Dubai has launched the Unified Payments Network (UPN), a payments platform aimed at bringing together all payment service providers as well as the unbanked and underbanked merchants to facilitate cashless transactions.
Merchants will now be able to engage in cashless transactions via UPN, with the ability to configure the payment acceptance channels on-the-go. UPN’s ‘Digital Settlement Account’ will also enable them to accept all types of payments in one digital account.
The platform provides an end-to-end digital payment acceptance solution capable of processing any digital payment, including micropayments and card to wallet transactions, locally or internationally issued.
UPN is also hosting services from all local and international payment cards, wallet payment service providers, payment acquirers, banks, exchanges, as well as remittance houses, including Mashreq Bank, First Abu Dhabi Bank, Royal Cloud Payments, Network International, Etisalat, Al Fardan Exchange, InstantCash, PaySky, and PayBy.