UPI to Launch Fully in Qatar, Enhancing Digital Payments for Indians
Indians in Qatar will soon be able to utilize the UPI for digital payments, following successful integration with Qatar National Bank. This enhancement facilitates convenience for over 800,000 Indian residents, aligning with India’s global fintech expansion strategy. UPI’s growth continues internationally, emphasizing India’s leadership in digital finance as noted by industry experts.
The United Payments Interface (UPI) is set to be fully operational in Qatar following its integration with the Qatar National Bank’s point-of-sale systems in July 2024. This development signifies a crucial advancement in facilitating digital transactions between India and Qatar, as mentioned by Vipul, India’s Ambassador to Qatar, during the Web Summit held in Doha.
UPI’s implementation is expected to greatly benefit the over 800,000 Indians residing in Qatar. This change not only streamlines financial transactions but also aligns with India’s broader objective of establishing a strong international presence in the fintech sector. With UPI, these individuals will have the opportunity to conduct real-time transactions conveniently and cost-effectively, eliminating the usual constraints associated with traditional banking.
Additionally, the partnership between India and Qatar is extending beyond fintech, with both nations fostering collaboration in startups and innovation initiatives. UPI’s reach continues to expand globally, as it is already operational in several countries, including the UAE, Singapore, France, Sri Lanka, Nepal, and Mauritius. Furthermore, UPI is part of Project Nexus, which aims to connect digital payment systems across Malaysia, the Philippines, and Thailand.
Rohit Mahajan, Managing Partner and Founder of plutosONE, remarked on this expansion as a revolutionary step towards enhancing cross-border financial access. He noted that with 12.2 billion UPI transactions recorded in January 2024, equating to ₹18.41 lakh crore, UPI’s scalability and effectiveness are beyond dispute. This rollout will further solidify India’s standing as a leader in the global fintech arena.
In summary, the full launch of UPI in Qatar represents a significant milestone for digital payments, particularly benefiting the Indian community living there. This advancement is part of a larger strategy by India to enhance its fintech influence worldwide. The ongoing collaborations between India and Qatar also promise future innovations in various sectors. Rohit Mahajan’s insights reinforce the potential impact of UPI’s growth, which continues to position India prominently within the global financial landscape.
Original Source: www.cnbctv18.com
