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<ul class="summary-list"><li>India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars.</li><li>The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company.</li></ul><a href="https://www.businessinsider.com/us-dollar-war-global-fight-america-economy-dominance-reserve-currency-2023-7">The dedollarization trend moved one step further</a> this week as India's top oil refiner used a local currency to settle an oil trade with a seller in the United Arab Emirates.Indian Oil Corp ditched the greenback and used rupees to purchase 1 million barrels of oil from Abu Dhabi National Oil Company, the Indian embassy in the UAE said Monday, according to a <a href="https://www.reuters.com/business/energy/india-makes-first-crude-oil-payment-uae-indian-rupees-2023-08-14/#:~:text=Bilateral%20trade%20between%20India%20and,exports%20amid%20slowing%20global%20trade." target="_blank" rel="noopener">Reuters</a> report.Most commodity deals worldwide are typically settled in dollars. But India, the world's third biggest oil importer and consumer, signed a contract last month with the UAE opening the door to use rupees instead of dollars, which would minimize costs by taking out dollar conversions from transactions.The two also agreed to implement a real-time payment mechanism to simplify cross-border transactions.Monday's deal marked India's first crude oil payment to the UAE in rupees. It followed the recent purchase of 25 kg gold by a buyer in India from a UAE exporter using rupees. The moves are the latest in a series of recent maneuvers by mostly non-Western nations to move off the dollar.Dedollarization has gained steam since the US imposed financial sanctions on Russia last year, and countries from China and India to France and Israel have all signaled interest.Leaders from BRICS nations — a bloc that includes Brazil, Russia, India, China, and South Africa — have made a particular push for their own non-dollar currency.Meanwhile, China has been trying to internationalize the yuan to compete against the dollar and has currency agreements with Brazil and Argentina.While the dollar remains dominant as a method of payment, Stephen Jen, the chief executive of Eurizon SLJ Capital, wrote in a note earlier this year that the dollar's share of global reserves declined sharply in 2022, deteriorating at about <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-global-reserves-china-euro-russia-ukraine-war-greenback-2023-4?_gl=1*br6dfl*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY5MjIwNzU3NC4xMTc0LjEuMTY5MjIxMzMxOC41OS4wLjA.">10 times the average pace</a> seen in the last two decades.

India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE

The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="83" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) along with <keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword> international payments ltd (NIPL) will work towards taking <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and <keyword id="19907221" type="General" weightage="20" keywordseo="RuPay" source="keywords">RuPay</keyword>. "In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL) will work towards taking UPI to 20 countries with initiation timeline of 2024-25 and completion timeline of 2028-29," the report said. The RBI report further adds "Fast Payment System (FPS) collaboration with group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages will be explored". The Payments Vision Document 2025 of RBI has outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar. The Reserve Bank is in talks with central banks of various countries for entering into collaborative arrangements. In July 2023, the Reserve Bank and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) for interlinking their payments infrastructure. Under this MoU, India and UAE have agreed to cooperate on linking their Fast Payment Systems, UPI of India with Instant Payment Platform (IPP) of UAE called Aani. Both countries also agreed to link their respective Card Switches (RuPay switch and UAESWITCH). In February 2024, RuPay cards and UPI connectivity between India and Mauritius was launched. With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI apps. Similarly, a Mauritian traveller will be able to do the same in India using the instant payment system apps of Mauritius In February 2024, UPI connectivity between India and Sri Lanka was launched. This connectivity has enabled Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps. The Reserve Bank of India and Nepal Rastra Bank are also exploring the linkage of UPI platform of India and National Payments Interface of Nepal for enabling cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) signed a MoU for the purpose UPI payment through QR code is already accepted for merchant (e-commerce) payments in France and Nepal. India has some or other kinds of tie-ups with seven countries for making payments through UPI. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank">Upcoming cars and two-wheelers launching in India in June 2024</a><a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank">Huawei beats Samsung to take the top spot in global foldable smartphone shipments</a>

RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="6358356" type="General" weightage="100" keywordseo="uae" source="Orion">UAE</keyword> are in talks for a Rupee-Dirham-denominated bilateral trade, said <keyword id="3786584" type="General" weightage="50" keywordseo="sunjay-sudhir" source="Orion">Sunjay Sudhir</keyword>, Indian Ambassador to UAE, adding that both the countries will find it beneficial. The Ambassador said the talks started on September 1, 2022. "Both countries find this beneficial. India has shared a concept paper with UAE. Central Banks of both countries are discussing. The objective is to reduce the transaction cost," the Indian Ambassador to UAE said. This development followed the Reserve Bank of India's (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>) announcement -- a mechanism to settle payments for international trade in rupees, especially for India's exports. It is widely believed if the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run. A currency can be termed "international" if it is widely accepted worldwide as a medium of exchange. <keyword id="2017241" type="General" weightage="50" keywordseo="sbi-research" source="Orion">SBI Research</keyword>, in a report in early July, said, an interesting development is taking place in the global currency market as there has been a significant jump in trade in oil and other commodities in currencies such as the Renminbi, Hong Kong Dollar, and Arab Emirates Dirham. In the report, SBI Research said the Reserve Bank of India (RBI) should make a conscious effort to internationalise the Indian currency rupee amid disruptions in payments caused by the ongoing Russia-Ukraine war. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/retail-inflationary-pressures-expected-to-ease-with-fresh-kharif-arrivals-finance-ministry/articleshow/95760372.cms">Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-8-paise-higher-to-close-at-81-62-against-us-dollar/articleshow/95765322.cms">Rupee 8 paise higher to close at 81.62 against US dollar</a>

India, UAE in talks for rupee-dirham denominated bilateral trade

<ul class="summary-list"><li>Mastercard will bring FinGo's vein-scanning payments solution to more markets.</li><li id="recirc">And Visa is working on a biometric authentication solution for online transactions with the UAE's Abu Dhabi Islamic Bank.</li></ul><ul class="summary-list"></ul>Both card networks struck new deals in the biometrics space, which is expected to be worth <a href="https://www.biometricupdate.com/202010/global-biometrics-market-forecast-to-surpass-82b-by-2027-despite-pandemic" target="_blank" rel="noopener">$82.8 billion</a> by 2027.Here's what you need to know:<ul><li>Mastercard <a href="https://ibsintelligence.com/ibsi-news/mastercard-and-fingo-team-up-to-expand-vein-id-payments-globally/" target="_blank" rel="noopener">partnered</a> with FinGo to bring the fintech's biometric authentication offering to global markets. FinGo lets users verify their identities and authenticate transactions using their unique finger vein patterns. The partnership gives FinGo access to Mastercard's white-label payment processing solution, Mastercard Payments Services Gateway (MPSG), to help it grow its footprint in the Middle East, North Africa, Asia Pacific, Australia, and North America.</li><li>Visa <a href="https://ibsintelligence.com/ibsi-news/visa-and-adib-jointly-launch-the-uaes-first-biometric-authentication-for-e-commerce-transactions/" target="_blank" rel="noopener">brought</a> a biometric authentication solution to the UAE's Abu Dhabi Islamic Bank (ADIB). The partnership leverages Visa Consumer Authentication Service, which uses nontraditional payment verification methods like fingerprint and facial recognition. Through this integration, bank customers can use the tech to validate online transactions through the ADIB mobile app. It's also the UAE's first biometric authentication solution for ecommerce transactions.</li></ul>These moves can help Visa and Mastercard stay on top of an emerging payments trend. Thirty-seven percent of global consumers said they are at least somewhat comfortable with the idea of biometric payments, <a href="https://content-na1.emarketer.com/consumers-aren-t-universally-comfortable-with-biometric-payments-here-s-how-payment-providers-skeptics-fence-sitters-on-board-with-emer" target="_blank" rel="noopener">according to</a> a Mastercard survey.More people may have been willing to try this method in the last year after the pandemic pushed consumers to adopt new digital payment forms, including <a href="https://thefintechtimes.com/the-growth-of-contactless-payments-during-the-covid-19-pandemic/" target="_blank" rel="noopener">contactless</a> payments. And this trend looks sticky: 93% of global consumers would consider using at least one emerging payment trend in the next year, <a href="https://www.mastercard.com/news/research-reports/2021/new-payments-index-infographic/" target="_blank" rel="noopener">per</a> Mastercard. Visa's and Mastercard's latest biometric partnerships get them more involved in an increasingly popular space, which can help prevent them from losing market share to fintechs and remain leaders in the payments industry.They also complement the issuers' existing fraud prevention initiatives. The pandemic opened the door to a deluge of fraud, particularly ecommerce fraud, which hit <a href="https://www.businesswire.com/news/home/20210425005002/en/Juniper-Research-eCommerce-Losses-to-Online-Payment-Fraud-to-Exceed-20-Billion-Annually-in-2021#:~:text=BASINGSTOKE%2C%20England%2D%2D(BUSINESS%20WIRE,18%25%20over%20a%20single%20year." target="_blank" rel="noopener">$17.5 billion</a> in 2020 and is expected to break $20 billion this year, per Juniper Research-heightening the need for stronger payment authentication solutions.This could also be why both card networks ramped up their identification services: Visa recently <a href="https://www.finextra.com/newsarticle/38161/visa-invests-in-loginid-to-accelerate-fido-certified-sca?utm_medium=newsflash&amp;utm_source=2021-6-2&amp;member=78435er=78435" target="_blank" rel="noopener">invested</a> in biometric authentication startup LoginID, and Mastercard just <a href="https://www.businesswire.com/news/home/20210609005837/en/Mastercard-Focuses-on-Digital-Identity-Innovation-with-Close-of-Ekata-Acquisition#:~:text=PURCHASE%2C%20N.Y.%2D%2D(BUSINESS%20WIRE,variety%20of%20other%20digital%20interactions." target="_blank" rel="noopener">acquired</a> digital identification platform Ekata. Visa's and Mastercard's recent partnerships in the biometrics space might push more merchants and financial institutions to work with them so they can use those value-added services.Want to read more stories like this one? 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Mastercard and Visa dive deeper into the biometric payments space with new partnerships

<ul class="summary-list"><li>Payment issues have delayed shipments of Russian Sokol crude oil to Indian Oil Corp.</li><li>India prefers rupee payments, but Russia is unwilling to use the currency. </li></ul>Moscow has been on a drive to <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-putin-trade-local-national-currencies-yuan-ruble-sco-2023-7">replace the use of the US dollar</a> in international trade, but there are barrels of Russian oil stuck at sea due to issues with paying in alternative currencies.Shipments of Russian Sokol grade crude oil to state-owned Indian Oil Corp, or IOC, have been delayed by payment issues, <a target="_blank" href="https://www.reuters.com/business/energy/payment-woes-delay-supply-russian-sokol-oil-india-sources-2023-12-26/">Reuters</a> reported on Tuesday, citing two sources familiar with the matter. The seller is the state-owned Russian oil company Rosneft.The problem arose because the Rosneft unit selling the oil hasn't been able to open a bank account in the United Arab Emirates to receive payments in the UAE dirham, per Reuters.This delayed six cargoes of Sokol oil the IOC was supposed to receive from late November to December, Reuters reported, citing shipping data. So the cargoes have mostly been lingering at sea around India and Sri Lanka.IOC and Rosneft did immediately respond to requests for comment from Business Insider and Reuters.It isn't immediately clear how much Sokol oil is stuck at sea due to the payment issue.Earlier this month, <a target="_blank" rel="noopener nofollow" href="https://www.bloomberg.com/news/articles/2023-12-20/russia-s-sokol-oil-gets-stuck-on-tankers-while-en-route-to-india?srnd=markets-vp">Bloomberg</a> reported <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-economy-oil-markets-india-tankers-sanctions-crude-prices-sokol-2023-12">about five million barrels</a> of Sokol oil that were being shipped from Russia to India never arrived.The problems with paying for Sokol oil highlight issues of dealing with Russia amid sweeping sanctions over its invasion of Ukraine.India has emerged as a major buyer of Russian oil following swathes of Western sanctions against Moscow. This means that dollar trade with Russia is restricted — and this is important since the greenback is the international trade currency of choice.To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year. That's because using US dollars could expose it to secondary sanctions, and it worries about acquiring rubles at a fair rate on the open market.However, Indian authorities have controls on the rupee, and the currency is not fully convertible — which means it can't easily be changed into another currency.This poses issues for Russia, which was stuck with billions of <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">rupees in Indian banks</a> earlier this year. India encourages the rupees to be spent in India itself. The <a target="_blank" rel="" href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">problem for Russia</a> is that there's not much it wants to buy from India.To get around its rupee conundrum and reduce its currency risks, Russian officials and oil executives have instead been pushing Indian buyers to pay them in Chinese yuan. It's also subject to controls and is not fully convertible, but Russia imports a lot more from China.Yet the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/india-russia-oil-imports-china-yuan-dirham-currency-rupee-crude-2023-10">Indian government</a> is increasingly uncomfortable with yuan trade since there are currency conversion charges involved and <a target="_blank" href="https://www.businessinsider.com/dedollarization-china-india-brics-common-currency-jim-oneill-economy-dollar-2023-9">geopolitical rivalry</a> between Delhi and Beijing.Another currency Russia could use to trade with India is the UAE dirham — but the UAE is <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-23/uae-tightens-scrutiny-on-russian-firms-amid-pressure-from-us">increasing its oversight</a> of Russian companies.<a target="_blank" href="https://www.businessinsider.com/russia-economy-top-central-banker-nabiullina-more-sanctions-ukraine-war-2023-12">Russia's central bank governor</a> Elvira Nabiullina acknowledged challenges with <a target="_blank" rel="" href="https://www.businessinsider.com/china-russia-alternative-swift-payment-cips-spfs-yuan-ruble-dollar-2022-4">cross-border payments</a> in a recent interview with local media, but added the country's economy has been restructuring rapidly to deal with international sanctions.

Russia wants to topple dollar dominance, but it isn't even able to deliver oil to India with alternative currencies

<ul class="summary-list"><li>The Hong Kong bullion market has seen Russian gold imports quadruple to 68 tons this year, Bloomberg reported.</li><li>It has outpaced Dubai as the biggest hub of Russian gold trading, after the UAE cracked down on illicit trading.</li></ul>Hong Kong has dethroned Dubai as the biggest hub for Russian gold trading, importing 68 tons of gold so far this year, or four times as much as the whole of 2022.While the Chinese city has long been active in the global gold trade, imports of Russian bullion have surged since April, Bloomberg <a href="https://www.bnnbloomberg.ca/hong-kong-ousts-dubai-as-biggest-hub-for-russian-gold-trading-1.1998716" target="_blank" rel="noopener">reported</a>.That's in part because of a regulatory crackdown on illicit gold trading in the UAE, which saw greater scrutiny from the global money laundering watchdog, the Financial Action Task Force, in March 2022. Since the Task Force added the UAE to its watch-list, gold trading in Dubai has slowed. Bank transfers and cash payments have been subjected to increasing government oversight, which has made it difficult to pay Russian exporters, Bloomberg reported.Some gold traders in Dubai rerouted shipments to Hong Kong, according data cited from ImportGenius tracking Russian customs figures.Also driving the bullion binge in the Asian market is a <a href="https://markets.businessinsider.com/news/commodities/us-oil-tanker-price-cap-russia-sanction-violation-ukraine-war-2023-11">heavy set of Western sanctions</a> on Russian gold that has locked it out of the London bullion market — historically, the center of the gold trade.Those <a href="https://home.treasury.gov/news/press-releases/jy0838" target="_blank" rel="noopener">sanctions</a> were imposed last year after Russia's invasion of Ukraine, providing a <a href="https://markets.businessinsider.com/news/commodities/russia-gold-economy-sanctions-ukraine-obscure-buyers-war-markets-bullion-2023-5">boost for the Dubai gold market</a> as the UAE did not take a punitive stance against Russia.Before the tide shifted this year, the UAE imported 96.4 tons of bullion last year, five times the amount Russia sent to Hong Kong in 2022.In addition to Hong Kong and the UAE, <a href="https://markets.businessinsider.com/news/commodities/russia-gold-economy-sanctions-ukraine-obscure-buyers-war-markets-bullion-2023-5">Turkey also emerged earlier this year as a major destination of Russian gold</a>.

Russian gold floods into Hong Kong after UAE cracks down on illicit activity

Abu Dhabi, Apr 5 (AFP) The Central Bank of the United Arab Emirates said Sunday it has doubled to $70 billion a stimulus package to support the Gulf state's economy amid the coronavirus pandemic."The aggregate value of all capital and liquidity measures adopted by the CBUAE since 14 March 2020 has reached 256 billion dirhams ($70 billion)," the central bank said in a statement.Last month, oil-rich UAE announced stimulus worth $35 billion that included aid to the banking system, facilities for loans and injecting funds into the bourses.Most of the new measures focused on easing financial and liquidity requirements for banks to free up cash for lending.In the new measures, the central bank reduced by half to 7.0 percent the reserves banks are required to keep for demand deposits, which can be withdrawn by clients anytime.This will allow for some $16.6 billion in liquidity to be used in new bank lending, the central bank said.The regulator's new measures also allow banks to defer payment of loans for companies and clients until the end of 2020."The additional measures announced today will effectively relieve the pressure on financial institutions ... offering the required relief and continued access to funding for businesses and households," newly-appointed governor Abdulhamid Saeed said.The UAE, where 1,505 coronavirus cases and 10 deaths have been reported, has introduced strict measures including halting travel and closing shopping malls and entertainment venues.On Saturday night, Dubai, one of the seven emirates making up the UAE, announced a two-week lockdown in which it will carry out tests in densely populated areas.The bourse of Dubai has led the slide of the Gulf stock markets, shedding 36 percent in the first quarter, most of it in March. Its UAE sister bourse in Abu Dhabi dropped by 26.4 percent. (AFP) CPS

UAE doubles stimulus to counter coronavirus impact

<ul class="summary-list"><li><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> and Indian refiners are set to trade oil not in US <keyword id="12585153" type="UNKNOWN" weightage="60" keywordseo="dollars" source="Orion">dollars</keyword> but in the <keyword id="11894947" type="UNKNOWN" weightage="60" keywordseo="uae" source="Orion">UAE</keyword>'s local <keyword id="12055585" type="UNKNOWN" weightage="60" keywordseo="currency" source="Orion">currency</keyword>, Reuters reported. </li><li>Sources told Reuters that more deals priced in UAE dirhams will happen as Moscow looks to insulate itself from sanctions. </li></ul>Russia is looking to complete an oil deal with Indian refiners using the United Arab Emirates' local currency, rather than in dollars, according to a <a href="https://www.reuters.com/business/energy/exclusive-russia-seeking-oil-payments-india-dirhams-sources-document-2022-07-18/">Reuters</a> report. An invoice seen by Reuters revealed an Indian refiner was asked to pay for deliveries in dirhams, though the figure was first calculated in dollars. A payment in dirhams was made out to Gazprombank via Mashreq Bank, its corresponding bank in Dubai.At least two Indian refiners have already settled some transactions using dirhams, and there are more to come soon as trading firms used by Rosneft only just started asking for payments in dirhams this month, the report added. The moves signal Moscow is increasingly distancing itself from the US dollar as a way to minimize the impact of Western sanctions. Typically, the dollar is the primary international trade currency, especially for commodities like oil. This also affords the US political and financial leverage over other nations, as exhibited by recent sanctions imposed on Moscow. But Russia looking to alternate currencies now.Earlier in March, Russia and India were in talks to revive a <a href="https://markets.businessinsider.com/news/currencies/dedollarization-russia-india-rupee-ruble-currency-deal-us-sanctions-ukraine-2022-3?utm_medium=ingest&amp;utm_source=markets">Cold-War era currency pact</a> to evade sanctions too. A rupee-ruble ledger would allow the nations to do business without the use of US dollars. Additionally, in recent months <a href="https://markets.businessinsider.com/news/currencies/dollar-vs-yuan-chinese-exports-russia-ruble-trade-ukraine-moscow-2022-7">trade volume between yuan and rubles have soared</a>, hitting a six-month high in June, Bloomberg data shows. Spot trading between the two currencies hit $48 million in the interbank market last month.

Russia distances itself from the US dollar further as it moves to trade oil with India using the UAE's local currency: report

New Delhi, Feb 19 () BSE-listed Infibeam Avenues Ltd on Wednesday said it has forayed into the US, the world's second largest digital payments market by revenue, and will offer its solutions to web and mobile-based small and medium enterprises (SME). Infibeam will offer its vast array of digital payment solutions to web and mobile based SMEs largely operating in the online retail, education, hospitality and travel and tourism industry, apart from other industry verticals under the brand CCAvenue, the company said in a statement. "US market presents a trillion dollar digital payments processing opportunity. As part of our vision to change the way customers trade and transact globally through digitisation of commerce, we are committed to provide the best-in-class online digital payment solutions to merchants and customers in the US," Infibeam MD Vishal Mehta said. He added that to strengthen its position in the region, the company will explore opportunities to partner and collaborate with large financial institutions including selective acquisitions to extend its digital payments solution reach to merchants and customers in the US. "After innovating and dominating the Indian and UAE markets, we are looking forward to launching our advanced real time payment gateway solutions in USA, which is a huge market with over 280 million electronic payment users doing over 450 transactions per capita per year," Infibeam Executive Director Vishwas Patel said. SR SHWSHW

Infibeam Avenues expands digital payments biz to US

<ul class="summary-list"><li>The UAE and India are in early talks to conduct non-oil trade in rupees, according to Reuters. </li><li>The move would signal a shift away from the US dollar, which dominates global commodities trade. </li></ul>The United Arab Emirates and India are in early talks to conduct non-oil trade in rupees, according to a <a href="https://www.reuters.com/markets/commodities/davos-2023-uae-india-discussing-settling-non-oil-trade-rupees-2023-01-19/" target="_blank" rel="noopener">report from Reuters</a>. The move would build on an agreement signed in 2022, which aimed to increase trade excluding oil between the two countries to $100 billion by 2027.Trading in India's currency would also signal a stark move away from the US dollar, which dominates global commodities markets as well as trade for countries along the Persian Gulf. Saudi Arabia's finance minister also this week expressed openness to trade in non-dollar currencies.India and China are among the largest trade partners of Gulf Arab oil and gas producers, which largely peg their currencies to the dollar. China has also weighed settling non-oil trade in local currencies that exclude the dollar, according to minister of state for foreign trade of the UAE Thani bin Ahmed Al Zeyoudi, although he told Reuters those talks were not yet advanced. Despite Gulf trade being largely conducted in dollars, China and India are both leaning harder into making use of local currencies, citing lower transaction costs. Western sanctions in response to Russia's invasion of Ukraine that froze the Kremlin's foreign exchange assets also highlighted the risks of relying on the dollar. <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-iran-gold-backed-stablecoin-crypto-2023-1">Russia and Iran are reportedly working together to launch a cryptocurrency backed by gold</a>, with the idea the "stablecoin" could replace the US dollar for payments in international trade.Meanwhile, Al Zeyoudi added that the UAE has signaled an increased emphasis on trade relations with Asia in recent months. "There is a discussion, not only with India, but we are managing it in a way that does not conflict with the overall interests of the nation," he told Reuters.

The UAE and India are in talks to use rupees to trade non-oil commodities in shift away from US dollar, report says

<ul class="summary-list"><li>India's central bank is asking lenders to promote local currencies when trading with the UAE, Reuters reported.</li><li>The idea is to reduce the outflow of US dollars and help globalize the rupee.</li></ul>The Reserve Bank of India urged lenders to ask clients to settle transactions in the rupee or dirham when trading with the United Arab Emirates, instead of the US dollar, sources told <a href="https://www.nasdaq.com/articles/exclusive-india-cenbank-nudges-banks-to-settle-uae-trades-in-rupee-dirham-sources" target="_blank" rel="noopener">Reuters</a>.The central bank hopes to stem India's outflow of greenbacks and help promote the rupee internationally, according to the report. A central bank official delivered the message to foreign exchange dealers during a seminar this month, Reuters said.As the dollar is the primary currency used in international trade, especially for commodities, India's $21.62 billion trade deficit with the UAE drains its supply of dollars. The request from the central bank comes as India and the UAE have set themselves on a de-dollarization path.The two countries signed a non-dollar trade agreement in July. And earlier this month, India purchased <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-war-india-uae-currency-crude-oil-trade-markets-2023-8?_gl=1*ebidoh*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY5MjYxODYzMi4yMjUuMS4xNjkyNjIxNDA3LjYwLjAuMA..">1 million barrels of oil</a> from the Abu Dhabi National Oil Company using rupees. But larger private-sector companies are reluctant to use dirhams due to the low volume of the current rupee-dirham trade, sources told Reuters. Meanwhile, banks are also offering smaller companies discounted service charges to incentivize local currency transactions.De-dollarization rhetoric has been rising globally ever since Russia's invasion of Ukraine last year. As the war initiated Moscow's exclusion from the dollar-denominated payments system, Russia began accepting local currencies in its international trade, such as selling <a href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">oil for Indian rupees</a>. In addition, the BRICS bloc —Brazil, Russia, India, China and South Africa — seeks to create their own shared currency, though economist Jim O'Neill, who first coined the BRIC term, <a href="https://markets.businessinsider.com/news/currencies/dedollarization-us-dollar-outlook-currencies-forex-market-brics-common-currency-2023-8#:~:text=Dedollarization%20is%20the%20latest%20buzzword,the%20use%20of%20other%20currencies">called the idea ridiculous</a>. At the same time, individual efforts to lessen dollar dependence are facing a <a href="https://markets.businessinsider.com/news/currencies/dedollarization-confidence-crisis-dollar-yuan-ruble-peso-currencies-crash-2023-8">credibility crisis</a>, as the <a href="https://markets.businessinsider.com/news/currencies/china-economy-dollar-vs-yuan-renminbi-growth-deflation-xi-jinping-2023-8?utm_medium=ingest&amp;utm_source=markets">Chinese yuan</a> and <a href="https://markets.businessinsider.com/news/currencies/russia-ruble-vs-dollar-currency-crash-central-bank-rate-hike-2023-8?utm_medium=ingest&amp;utm_source=markets">Russian ruble</a> have fallen sharply against the dollar in recent months.

India's central bank urges lenders to de-dollarize trade with the UAE using local currencies

<ul class="summary-list"><li>Top Indian refiners are moving away from the US dollar in favor of the UAE's dirham, sources told Bloomberg. </li><li><a href="https://viking.businessinsider.com/"></a>Reliance Industries, Bharat Petroleum Corp, and Nayara Energy are shifting currencies to buy Russian crude oil. </li></ul>Large Indian refiners are shifting away from the US dollar in order to purchase Russian crude, <a href="https://www.bloomberg.com/news/articles/2023-02-08/reliance-bpcl-among-buyers-using-uae-currency-for-russian-oil" target="_blank" rel="noopener">sources told Bloomberg</a>. Companies including Reliance Industries, Bharat Petroleum, and Nayara Energy are instead starting to use UAE's dirham, which is pegged to the US dollar."If you are asking me officially am I in the know of these payment channels, no, I'm not," Indian oil minister Hardeep Singh Puri told Bloomberg. Still, India is open to discussing the issue with other countries, he added.The currency the Indian refiners use varies from cargo to cargo, depending on traders' preferences, according to Bloomberg.Still, it marks <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-chinese-yuan-renminbi-bipolar-currency-system-nouriel-roubini-2023-2">another setback for the dollar's dominance</a>, as greenbacks are the most widely used currency worldwide to conduct trade, especially for commodities like oil. Since Russia's invasion of Ukraine last February, Moscow has been cut off from the dollar and euro in international trade, forcing it to turn to <a href="https://markets.businessinsider.com/news/currencies/us-dollar-vs-yuan-china-petroyuan-saudi-arabia-russia-oil-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">alternatives like China's yuan</a>.Meanwhile, the European Union's ban on seaborne Russian oil imports has turned the Indian market into a premier customer base for the Kremlin. Russia has been the premier crude supplier to India since June, and buyers are able to shore up supplies at a steep discount in light of the price cap on Moscow's crude and sanctions. Using the dollar-pegged dirham gives both Russia and India a relatively secure and stable to complete transactions while avoiding potential obstacles when using the US dollar. Still, most oil deals are still denominated in greenbacks. But the ever-closer relationship being between the UAE and Russia is already drawing some criticism from the US, with a top sanctions official at the US Treasury voicing concern over the close financial ties on a recent trip to Abu Dhabi. Other <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1#russia-china-propose-a-new-reserve-currency-5?utm_medium=ingest&amp;utm_source=markets" rel="">attempts to erode the dollar's dominance</a> have also emerged recently, including Russia and China opening talks last year to develop a <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-rouble-yuan-brics-reserve-currency-imf-2022-6?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">new reserve currency</a> with other BRICS countries as well as an effort by Russia and Iran to create a <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-iran-gold-backed-stablecoin-crypto-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">cryptocurrency backed by gold</a>.

Top Indian refiners are using the UAE's currency instead of the US dollar to buy Russian crude, report says

<ul class="summary-list"><li>New sanctions pressure from the US Treasury is reportedly pulling foreign banks away from Russia.</li><li>Banks in the UAE, Turkey, and Austria are working to reduce their transactions with Moscow.</li></ul>Several global banks that have helped Russia circumvent Western sanctions are now turning their backs on Moscow as the US has increased pressure to comply.<a href="https://www.wsj.com/finance/banking/russias-backdoor-to-the-global-banking-system-is-slamming-shut-49bf5c53" target="_blank" rel="noopener">The Wall Street Journal</a> reported financial institutions in the United Arab Emirates, Turkey, and Austria were shifting away from Russian business, in fear that it risks punishment from Washington.In December, an executive order granted the US Treasury broader sanctioning power, enabling it to pursue foreign banks that facilitated transactions with Russia. If targeted, these institutions could <a href="https://www.wsj.com/articles/u-s-warns-foreign-banks-they-could-face-russia-sanctions-ecc7f7b0" target="_blank" rel="noopener">lose access to correspondent US banks</a>, which act as the backbone of global finance.Months later, Deputy Treasury Secretary Wally Adeyemo said the threat of secondary sanctions was <a href="https://markets.businessinsider.com/news/currencies/russia-financial-flows-sanctions-us-dollar-access-treasury-ukraine-war-2024-2">proving fruitful</a>, with a notable decrease in financial flows between Moscow and Middle Eastern banks."Because ultimately for them, even though they may do some business with Russia, it pales in comparison to the amount of business they do with the United States or the business they do in the dollar," he told Reuters in February. Among the banks changing course are Emirates NBD, a UAE state-owned institution, the Journal said. After Russia's invasion of Ukraine in 2022, the bank managed Russian oil trades and initiated a department focused on Russian wealth, sources told the outlet.However, it has since done away with the department, cut off ruble transfers, and shut down a number of Russian accounts. The Journal's sources indicated that closed accounts also included those of companies that did business with Russia, which could disrupt its ability to facilitate trade.Beyond the UAE, Turkish institutions have also come under pressure, causing exporters in the country to face payment difficulties as financial flows are broken off. In fact, exports to Russia dropped 33% from a year prior, the Journal reported.While Turkey and Russia have kept strong ties, US sanctions have soured the trade partnership between the two. Early in March, a key Turkish oil terminal chose to <a href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-us-sanctions-ukraine-war-turkey-crude-imports-2024-3">halt Russian imports</a>, citing pressure from sanctions. Austrian banks have also been put on notice by the Treasury. One institution, the Raiffeisen Bank International, has maintained a presence in Russia, as its attempts to exit the country have proved difficult.

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