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India’s Unified Payments Interface (UPI) payments system is slated for a full-fledged rollout in Qatar, as per a report by Money Control.
This fintech collaboration follows UPI’s integration with the Qatar National Bank’s (QNB) point-of-sale (PoS) systems in July 2024.
“Qatar will soon see the full rollout of UPI. The integration with Qatar National Bank (QNB) is complete, testing is done, and the launch has already taken place. This is a significant step in enhancing digital payments between our countries,” said India’s ambassador to Qatar, who only goes by his first name Vipul.
Why It Matters?
This Indo-Qatari partnership intends to simplify financial transactions for more than 8,00,000 Indians, who are currently residing in the Middle Eastern country, along with enriching the two countries’ fintech collaboration.
This comes at a time when last year, the National Payments Corporation of India (NPCI) allowed Non-Resident Indians (NRIs) to make UPI payments from 12 countries, including Qatar. Furthermore, Paytm also allowed its users to perform UPI payments outside India, including countries such as Singapore and France.
All this is in line with the Reserve Bank of India’s (RBI) vision to expand the UPI payments system on a global scale to boost the Indian economy as per its Report on Currency and Finance 2023-24
Other India-Qatar Cooperation
Apart from India-Qatar UPI collaboration, Delhi and Doha are also partnering with each other in the domains of startups and innovation, with Qatar expected to provide financial backing to India’s budding tech startups.
“India has that talent pool, the focus on technology, the startup space, which is very big with 150,000 startups. And Qatar has the financing as well as the ecosystem for startups. Indian startups can validate their business models with the benefits Qatar provides,” said Vipul.
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It is worth noting that this flurry of announcements across sectors has followed the state visit of Qatar’s Emir Sheikh Tamim bin Hamad Al Thani to India in February 2024, during which the Gulf state pledged to invest $10 billion in the Indian economy.
“Qatar already has $1.5 billion of foreign direct investment in India, in areas like retail, renewable energy, IT, and education. With the recent $10 billion commitment, investments could come into infrastructure, fintech, space, and more,” added Vipul.
Furthermore, India’s ambassador to the Gulf nation called for increased partnerships among educational institutions and student exchanges between the two countries. “Qataris appreciate India’s contribution. We need to promote more institutional partnerships and student exchanges between IITs, IISc, and Qatari technology institutes”, Vipul added.
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