Indians Set to Utilize UPI for Digital Payments in Qatar

Indians will soon be able to use UPI for digital payments in Qatar, following integration with Qatar National Bank’s systems. This will simplify transactions for the large Indian community in Qatar and enhance financial ties between the two nations. UPI’s global expansion continues to grow, indicating India’s increasing influence in the fintech sector.

Indians will soon have the ability to utilize the Unified Payments Interface (UPI) for digital financial transactions in Qatar, following a successful integration with Qatar National Bank’s point-of-sale systems that was completed in July 2024. Vipul, the Indian Ambassador to Qatar, announced this milestone at the Web Summit Qatar in Doha, highlighting its significance in enhancing digital transactions between India and Qatar.

The rollout of UPI in Qatar is expected to greatly simplify financial transactions for the over 800,000 Indians residing in the country. This initiative aligns with India’s broader goal of expanding its financial technology (fintech) influence globally. UPI will enable these individuals to conduct real-time and economical transactions, thereby alleviating traditional banking complexities.

Moreover, UPI’s expansion is part of a wider cooperation between India and Qatar that extends beyond fintech into sectors such as startups and innovation. UPI’s growing global presence continues to be impressive, with implementations already in countries like the UAE, Singapore, France, Sri Lanka, Nepal, and Mauritius, as well as connections through Project Nexus to Malaysia, the Philippines, and Thailand.

The Managing Partner and Founder of plutosONE, Rohit Mahajan, acknowledged this expansion, describing it as a transformative development in cross-border financial accessibility. He noted that in January 2024, UPI experienced an astounding 12.2 billion transactions, processing approximately ₹18.41 lakh crore, which underscores its scalability and efficiency. The deployment of UPI in Qatar will further reinforce India’s stature in the global fintech landscape.

The impending launch of UPI in Qatar signifies a major advancement in digital transaction capabilities, particularly for the significant Indian diaspora. This initiative not only simplifies financial transactions but also enhances India’s global fintech presence. As UPI continues to expand internationally, it is poised to revolutionize payment systems across the globe.

Original Source: www.cnbctv18.com