The Unified Payments Interface (UPI) of India is resonating across the globe. Joining the growing list of countries adopting this technology is Qatar. India's Minister of Commerce and Industry, Piyush Goyal, launched the UPI system at the LuLu Hypermarket in Doha, the capital. This development means payments can now be effortlessly conducted using QR codes. During the launch, Minister Goyal remarked that UPI is not just a payment method but also a testament to Indian innovation and technological prowess.
Symbol of Growing India-Qatar Partnership
During his two-day visit to Qatar, Minister Piyush Goyal inaugurated the UPI system. He noted that enabling UPI payments in Qatar exemplifies India’s technology and the deepening partnership between the two nations. It also reflects the growing trust between them. Highlighting UPI's expanding reach, he mentioned that 85% of digital payments in India occur through this system, and approximately 50% of global digital payments are also powered by UPI.
Qatar National Bank (QNB) has partnered with the National Payments Corporation of India (NPCI) to roll out QR code-based UPI payment services at point-of-sale terminals for its merchant clients. With Qatar's LuLu outlets now accepting transactions via the Indian payment system, tourists from India can enjoy easy and convenient digital payments while in Qatar, reducing the need to carry cash or manage currency exchange.
India: The Fastest Growing Economy
Mohammed Altaf, Group Director of LuLu Retail, highlighted the special bond between Qatar and India amid the current geopolitical and economic landscape. With world-class infrastructure, an international airport, and an open market, Qatar warmly welcomes Indian businesses. India, being the world's fastest-growing economy, shares a remarkable synergy with Qatar. Both countries aim to enhance this traditional, transactional business relationship.
Source: aajtak
Emphasis on Increasing Bilateral Trade
According to ANI reports, along with launching UPI in Doha, Minister Piyush Goyal met with Qatar's Minister of Commerce and Industry, His Excellency Sheikh Faisal bin Thani bin Faisal Al Thani, on Monday. Economic and trade cooperation were central topics of discussion. Sharing insights on social media platform X, Goyal reiterated both parties' commitment to strengthening the India-Qatar partnership based on robust bilateral trade foundations.
