The full-scale rollout of UPI in Qatar, following its integration with Qatar National Bank, is set to enhance digital payments for Indians living in the region. This initiative benefits over 800,000 Indian nationals and boosts India’s global fintech strategy while promoting collaboration in various sectors. UPI continues its expansion into international markets, signifying its growing presence.
India’s Unified Payments Interface (UPI) is set to be fully implemented in Qatar following its successful integration with Qatar National Bank’s point-of-sale systems in July 2024. This advancement promises to enhance digital transactions significantly between India and Qatar, as noted by Vipul, India’s Ambassador to Qatar, during the recent Web Summit in Doha.
The introduction of UPI in Qatar will facilitate seamless financial transactions for more than 800,000 Indian expatriates residing in the region. This expansion aligns with India’s broader objective to enhance its fintech presence on a global scale, allowing Indians to manage payments efficiently and cost-effectively without the complexities associated with traditional banking methods.
Furthermore, this implementation signifies a strengthening of Indo-Qatar relations beyond finance, with growing collaborations in startups and innovation sectors. UPI’s expansion into Qatar contributes to its increasing global adoption, having already launched in countries such as the UAE, Singapore, France, Sri Lanka, Nepal, and Mauritius, and being part of Project Nexus that connects digital payments across Malaysia, the Philippines, and Thailand.
Rohit Mahajan, Managing Partner & Founder of plutosONE, emphasized that this rollout would significantly improve cross-border financial accessibility. In January 2024, UPI recorded over 12.2 billion transactions with a processing value exceeding ₹18.41 lakh crore, underscoring the system’s scalability and efficiency.
In conclusion, the complete rollout of UPI in Qatar marks a significant milestone in facilitating digital transactions for the Indian diaspora, fostering stronger financial and technological ties between India and Qatar. This development is expected to simplify financial processes for Indians abroad and highlights India’s increasing influence in the global fintech landscape.
Original Source: www.cnbctv18.com
