Indians in Qatar will soon benefit from the full-scale rollout of UPI, enhancing digital transaction capacities between India and Qatar. The integration with Qatar National Bank is complete, aiding over 800,000 Indians in executing real-time and cost-effective transactions. UPI continues to expand its global footprint, signifying India’s growing influence in the fintech sector.
India’s digital payment system, UPI, is set for a complete rollout in Qatar following its successful integration with Qatar National Bank’s point-of-sale systems earlier this year. Vipul, the Indian Ambassador to Qatar, announced this development during the Web Summit Qatar in Doha, emphasizing that this advancement significantly enhances financial transactions between the two nations.
The introduction of UPI will greatly benefit the over 800,000 Indians residing in Qatar by simplifying their financial transactions. This initiative aligns with India’s broader strategy to expand its fintech influence globally. The UPI system will enable real-time, cost-efficient transactions, alleviating the complications typically associated with conventional banking.
The UPI’s growth in Qatar complements its widespread adoption in several countries, including the UAE, Singapore, and Mauritius. UPI is also pivotal to Project Nexus, which connects digital payment systems in Malaysia, the Philippines, and Thailand. This expansion underscores India’s leadership role in the global fintech landscape, as noted by industry experts.
Rohit Mahajan, Managing Partner and Founder of plutosONE, described this rollout as a transformative moment for accessibility in cross-border finance. He highlighted UPI’s impressive statistics, noting that it processed 12.2 billion transactions amounting to ₹18.41 lakh crore in January 2024. This reflects UPI’s scalability and its vital significance in enhancing financial operations internationally.
The impending rollout of UPI in Qatar represents a substantial advance in the facilitation of digital payments for the Indian diaspora. With this development, India reinforces its fintech capabilities on a global scale while fostering cooperative efforts between India and Qatar. The success of UPI in various countries further highlights its potential to revolutionize digital transactions and enhance financial accessibility worldwide.
Original Source: www.cnbctv18.com
