UPI is launching in Qatar after integrating with Qatar National Bank, enhancing digital payment options for over 800,000 Indians. This development supports India’s global fintech strategy and simplifies transactions. UPI’s expansion is part of a larger effort to increase its international presence, already operational in multiple countries, and is expected to transform financial interactions significantly.
India’s Unified Payments Interface (UPI) is set for a full-scale launch in Qatar following its successful integration with Qatar National Bank’s (QNB) point-of-sale systems in July 2024. This development is expected to significantly enhance digital transactions between India and Qatar, as stated by Vipul, India’s Ambassador to Qatar, during the Web Summit in Doha.
The full rollout of UPI in Qatar will facilitate digital payments for over 800,000 Indians residing in the country. This initiative is part of India’s broader strategy to expand its fintech influence globally. By using UPI, Indians in Qatar can enjoy real-time, cost-effective transactions, streamlining their payment processes while avoiding traditional banking challenges.
In addition to advances in fintech, India and Qatar are strengthening their collaboration in startups and innovations. UPI’s presence in Qatar will complement its already established operations in other countries such as the UAE, Singapore, and Mauritius, furthering its global expansion as part of Project Nexus that connects digital payments across Southeast Asian nations.
Rohit Mahajan, Managing Partner & Founder of plutosONE, highlighted this expansion as crucial for enhancing cross-border financial accessibility. With recorded transactions reaching 12.2 billion in January 2024, totaling ₹18.41 lakh crore, UPI’s effectiveness and scalability emphasize India’s burgeoning leadership in the global fintech landscape.
The rollout of UPI in Qatar is a pivotal development for Indians residing there, promising enhanced financial convenience through digital transactions. This initiative not only enhances bilateral ties between India and Qatar but also reinforces UPI’s growing international footprint. The successful integration with QNB positions India’s digital finance as a leader in global markets. By streamlining payments for a significant Indian population in Qatar and aligning with broader fintech strategies, UPI reinforces its status as a transformative payment system that can further simplify financial interactions across borders.
Original Source: www.cnbctv18.com
