UPI will soon be operational in Qatar after successful integration with Qatar National Bank. This expansion aims to enhance digital transactions for over 800,000 Indians living in Qatar. The move is part of India’s broader strategy to increase its fintech presence globally and comes as UPI continues to grow internationally, already being available in multiple countries.
India’s Unified Payments Interface (UPI) is set to launch in Qatar, following successful integration with Qatar National Bank’s point-of-sale systems as of July 2024. This advancement is expected to significantly enhance digital transactions between India and Qatar, a development highlighted by India’s Ambassador to Qatar, Vipul, during the recent Web Summit Qatar held in Doha.
The rollout of UPI will greatly benefit the over 800,000 Indians residing in Qatar. This initiative reflects India’s intent to expand its fintech influence globally, simplifying real-time and cost-effective transactions for its citizens abroad. UPI will streamline financial interactions, reducing reliance on conventional banking methods, thereby easing everyday payments.
The announcement follows UPI’s increasing adoption across several countries, including the UAE, Singapore, and Mauritius. Notably, UPI is also part of Project Nexus, which aims to link digital payment systems in Malaysia, the Philippines, and Thailand. This signifies the growing global footprint of India’s digital payment solutions.
Rohit Mahajan, Managing Partner and Founder of plutosONE, hailed the UPI expansion as a transformative opportunity for international financial accessibility. He reflected on the remarkable scale of UPI transactions, which totaled 12.2 billion in January 2024, amounting to ₹18.41 lakh crore, underscoring India’s emerging leadership in international fintech.
The anticipated rollout of UPI in Qatar marks a crucial advancement in digital payments, empowering the Indian diaspora and reinforcing India’s global fintech strategy. This initiative not only simplifies financial transactions for Indians in Qatar but also emphasizes India’s growing international influence in the digital payment landscape. Overall, UPI’s expansion across various countries reflects its effectiveness and the ongoing efforts to foster international financial connectivity.
Original Source: www.cnbctv18.com
