Indians in Qatar will soon have access to UPI for digital payments, enhancing financial transactions significantly. This move simplifies banking for over 800,000 individuals and underscores India’s growing fintech presence globally. The expansion adds to UPI’s success in multiple countries, highlighting its efficiency and scalability in digital transactions.
Indians residing in Qatar will soon be able to utilize the Unified Payments Interface (UPI) for digital transactions, following its successful integration with the Qatar National Bank’s point-of-sale systems in July 2024. This significant advancement aims to enhance financial transactions between India and Qatar, as announced by Vipul, India’s Ambassador to Qatar, during the Web Summit Qatar in Doha.
The expansion of UPI is expected to greatly simplify financial transactions for over 800,000 Indians in Qatar. This development is part of India’s broader strategy to strengthen its presence in the global fintech sector, enabling cost-effective and real-time financial solutions for the diaspora and easing traditional banking complexities.
Moreover, this initiative signifies deepening ties between India and Qatar in the fields of fintech, startups, and innovation. UPI’s rollout in Qatar adds to its international growth, as it is already operational in countries such as the UAE, Singapore, France, Sri Lanka, Nepal, and Mauritius.
Rohit Mahajan, Managing Partner and Founder of plutosONE, described this expansion as a transformative change for cross-border financial accessibility, highlighting UPI’s impressive scalability and efficiency. In January 2024, UPI processed 12.2 billion transactions, amounting to ₹18.41 lakh crore, underscoring India’s formidable position in global fintech.
The anticipated rollout of UPI in Qatar represents a pivotal development for the Indian community, enhancing digital transaction capabilities and further solidifying India’s role in the global fintech landscape. As UPI continues to expand internationally, the implications for cross-border financial links and increased accessibility are significant.
Original Source: www.cnbctv18.com
