New Delhi: Madhapar, a village near Bhuj in Gujarat, stands out as a beacon of prosperity. Dubbed ‘Asia’s Richest Village,’ Madhapar is home to approximately 32,000 people, most of whom are Non-Resident Indians (NRIs). Together, these residents have amassed fixed deposits totaling a staggering ₹7,000 crore.

The financial success of Madhapar is evident in its impressive banking infrastructure, with 17 banks operating within the village, including major players like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank. The influx of banks reflects the village’s economic strength, with more financial institutions keen to establish a presence in the area. Beyond its financial assets, Madhapar boasts modern amenities such as well-paved roads, reliable water supply, sanitation facilities, and well-maintained schools. The village is also dotted with bungalows, lakes, and temples, showcasing a level of development rarely seen in rural India.

The primary driver of Madhapar’s wealth is its NRI population, which makes up 65% of the village’s residents. Many of these NRIs have migrated to countries like the United States, Canada, Australia, New Zealand, and Central Africa, where they have found success in various industries, particularly construction. Despite their global presence, these NRIs maintain a strong connection to their roots, choosing to invest their earnings in local banks and post offices in Madhapar.

Former District Panchayat president Parulben Kara highlighted the deep ties that these NRIs have with their homeland, crediting their continuous investments for the village’s extraordinary financial health. Madhapar’s story challenges the conventional view of rural India, proving that villages can achieve remarkable levels of wealth and development.

Moreover, non-resident Indians (NRIs) with UAE mobile numbers can also benefit from this service by downloading the PhonePe app and linking their NRE and NRO accounts for easy payments. This initiative aims to streamline transactions for the Indian community in the UAE, enhancing overall convenience.

This collaboration is made possible through Mashreq’s partnership with NPCI International Payments Limited (NIPL), enabling NEOPAY terminals to accept UPI apps as a payment method. This integration allows Indian travelers to conveniently utilize UPI for their transactions.

By combining PhonePe’s advanced technology with Mashreq’s dedication to innovation, this partnership promises to deliver an exceptional customer experience at NEOPAY terminals. It underscores Mashreq’s commitment to incorporating state-of-the-art technology into their operations, ensuring seamless transactions for all users.

In addition to facilitating travel and local transactions, PhonePe will also introduce inward remittance services once the corridor for inward remittances is enabled. This will simplify the process of transferring money by leveraging the UPI infrastructure, thereby eliminating the need for details such as bank account numbers and IFSC codes.

Speaking on the partnership Ritesh Pai, CEO International Payments, PhonePe said, “We are thrilled to announce our partnership with Mashreq. UAE is a very popular destination, with millions of Indian visitors every year. With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with. Enabling digital payments not only reflects PhonePe’s commitment to convenience but also embraces the evolving needs of today’s travelers. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors.”

Vibhor Mundhada, CEO of NEOPAY at Mashreq added, “We are delighted to collaborate with PhonePe to offer yet another new payment solution for Indian tourists and visitors in the UAE, helping further cement the already strong financial relations between the two countries. This latest launch underscores our commitment to incorporating innovation and technology into our operations, and to providing the solutions and experiences our customers want and need.”

Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing, NIPL said, “We aim to actively collaborate with financial institutions around the world, fostering partnerships to deliver convenient and secure cross-border payment solutions for consumers. This partnership encourages fintech collaboration and unifies the ecosystem to streamline payment processes for Indian travelers to UAE.”