India’s UPI payment system is now live in Qatar
India has now expanded its Unified Payments Interface (UPI) to Qatar, marking a significant leap in its global tech presence. The launch was officiated by Union Minister of Commerce and Industry, Piyush Goyal, at Lulu Mall in Doha. This move strengthens the digital and financial ties between India and Qatar and offers Indian travelers a seamless payment experience abroad.
UPI: Transforming Payments and Travel
Since its launch nine years ago, UPI has revolutionized digital payments in India, handling about 85% of the country’s digital transactions and nearly half of the world’s digital payments. With more than 640 million transactions processed daily, UPI is now recognized as a global fintech success. Qatar becomes the eighth country where UPI is officially accepted, expanding India’s digital footprint.
Piyush Goyal on UPI’s Impact
Speaking at the launch, Piyush Goyal called UPI more than a payment solution. He described it as a “symbol of trust” and a potential game-changer for trade between Qatar and India. He emphasized that seamless integration of payment systems will enable faster, low-cost, real-time money transfers, benefitting citizens and businesses on both sides.
Simplified Payments for Indian Travelers
Indian travelers to Qatar can now pay instantly using UPI at stores including Lulu Group outlets and at Hamad International Airport duty-free shops. This eliminates the need for currency exchange or international cards, reducing costs and payment hassles. The launch also benefits the estimated 830,000 Indians living in Qatar by making cross-border remittances faster and cheaper.
Strengthening India-Qatar Economic Ties
This collaboration involves NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japanese payment gateway NETSTARS. The launch is part of growing cooperation aimed at boosting economic ties and digital commerce between the two nations. Discussions for a Free Trade Agreement (FTA) are underway, further promising to double bilateral trade by 2030.
UPI’s Global Expansion and India’s Tech Leadership
UPI’s availability in Qatar spotlights India’s fintech leadership and ambition. This platform now serves users in eight countries, showing India’s commitment to digital innovation as it creates a more connected and convenient global economy. The Qatar launch is a step forward in expanding seamless, secure digital payments for Indians worldwide.
Conclusion
India’s UPI system launching in Qatar is a landmark development for travel convenience and international trade. This tech leap not only makes traveling seamless but also enhances economic partnerships. For travelers and businesses alike, the future looks digitally connected and cost-efficient.
