India's UPI Expands to Qatar: Revolutionizing Cross-Border Trade
India's UPI system is now available at Lulu Group stores in Qatar, facilitating cost-effective capital movement and enhancing trade between India and Qatar. The initiative, a collaboration between NIPL, QNB, and NETSTARS, aims to streamline digital payments and expand UPI adoption globally.
- Country:
- Qatar
India has expanded its Unified Payments Interface (UPI) to Qatar, launching the facility at Lulu Group's stores following successful implementation at Hamad International Airport last month. This move is part of efforts to strengthen cross-border transactions through cost-effective solutions.
Commerce and Industry Minister Piyush Goyal highlighted the potential of UPI to revolutionize trade between India and Qatar, particularly with the support of NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japanese payments gateway NETSTARS. The initiative is set to stimulate faster and more efficient money and capital movement.
With UPI now accepted in eight countries, this plan supports Indian travelers and Qatari businesses by facilitating real-time, cashless payments, reducing dependency on foreign currency or cards while enhancing overall convenience and security. The success of UPI in India, with significant daily transactions, underlines its global impact.
(With inputs from agencies.)
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- UPI
- Qatar
- India
- Lulu Group
- digital payments
- NPCI
- QNB
- international trade
- Piyush Goyal
- remittances
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