New Delhi, October 7
India's Unified Payments Interface (UPI) has made its way to Qatar, with Union Minister of Commerce and Industry Piyush Goyal launching Bharat's own UPI at Lulu Hypermarket in Doha, allowing for seamless and cost-effective transactions between the two countries.
This move is part of India's effort to expand its digital payment services globally and strengthen financial ties with other nations.
Announcing the launch on X, Piyush Goyal said, "Proud to launch Bharat's own #UPI at Lulu Hypermarket in Doha, Qatar. This launch is a game-changer for digital connectivity and ease of payments, reflecting India's commitment to facilitating cross-border commerce and leveraging 'Digital India' initiatives." He added that the system is operational at Qatar National Bank's point-of-sale (POS) terminals, covering large parts of the Qatari market. According to him, this step will help Indian travellers and strengthen trade and tourism between India and Qatar.
At the event held in Doha, Goyal addressed the gathering at Lulu Mall, calling the launch more than a technological milestone. "I'm very delighted at the opportunity to launch UPI and UPI transactions. It is not just a technology solution or a digital payment solution, but it has the potential to revolutionise trade between Qatar and India. It's the celebration of India's technology," he said.
The minister highlighted that integrating UPI with Qatar's payment systems will deepen trust between the two countries.
"It's an opportunity to expand our trust between Qatar and India because as we seamlessly integrate the payment systems of both countries, our people will be able to trade more, trade smarter at lower cost," Goyal remarked.
NPCI International Payments Ltd (NIPL) collaborated with Qatar National Bank (QNB) and Japanese payments gateway NETSTARS to roll out UPI services in Qatar.
He further explained that the new system would enable the movement of money to be faster, almost in real-time. "The movement of money and capital will be faster, almost real-time, with a very low cost associated with it. It will become the symbol of trust across borders," he said.
Goyal also reflected on India's journey with digital payments, noting that UPI has been a success story since its introduction nine years ago.
"UPI was launched nine years ago and is a big success story in India. Eighty-five per cent of India's digital payments go through UPI, and nearly 50 per cent of global digital payments are now made by UPI, recording about 640 billion transactions on average every day," he said.
Qatar becomes the eighth country to accept UPI, further expanding India's international financial footprint.
- ANI
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