India’s Unified Payments Interface (UPI) is now available at Lulu Group stores in Qatar, following its initial launch at Hamad International Airport duty-free outlets last month. Commerce and Industry Minister Piyush Goyal inaugurated the service at a Lulu store, highlighting its potential to make transactions between India and Qatar smoother and more cost-effective.
Collaboration with QNB and NETSTARS
The rollout comes through a partnership between NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japanese payments gateway NETSTARS. UPI is now available at point-of-sale terminals for merchants served by QNB, expanding access to real-time, cashless payments for Indian residents and travelers.
Boosting Trade and Financial Connectivity
Goyal emphasized that UPI is more than a digital payment tool; it has the potential to revolutionize trade between the two countries. He noted that capital transfers will be faster, nearly real-time, and cost-efficient, benefiting both businesses and individuals. He specifically highlighted that 8,30,000 Indians living in Qatar will gain from quicker and cheaper remittances.
A Milestone in Digital Payments
Qatar is now the eighth country to adopt UPI, enabling Indians to make instant cashless payments without relying on foreign currency or international cards. UPI also benefits local Qatari businesses by promoting digital transactions and increasing convenience and security for tourists and residents.
UPI’s Growth Story
Launched nine years ago, UPI has become a major success story in India, accounting for 85% of Indian digital payments and nearly half of global digital transactions. The system processes over 640 million transactions daily, showcasing India’s leadership in fintech innovation.
Strengthening India-Qatar Relations
Earlier in the day, Goyal co-chaired the India-Qatar Ministerial Joint Commission on Economic and Commercial Cooperation with Qatar’s Minister of Commerce, Sheikh Faisal bin Thani Al Thani. Both sides reaffirmed their commitment to enhancing bilateral trade, investments, and business ties.
Encouraging Wider Adoption
Goyal thanked QNB for integrating UPI into their payment systems and urged other banks in Qatar to adopt it. He said the platform connects people, simplifies trade, and strengthens international ties, describing the launch as a key step toward a future-ready India-Qatar partnership.
Looking Ahead to Free Trade Agreement
On the sidelines of the event, Goyal mentioned ongoing discussions between India and Qatar to initiate formal Free Trade Agreement (FTA) negotiations. He expressed confidence that a successful FTA could potentially double trade and business between the two countries by 2030.
