The move will will simplify financial transactions for a large number of Indian diaspora in the gulf nation and further deepen fintech collaborations between the two countries
Qatar has also committed to invest $10 Bn (INR 87,000 Cr) in sectors such as fintech, space and more
Eight months back, The National Payments Corporation of India (NPCI) partnered with Qatar National Bank (QNB) which enabled Indian tourists to make UPI payments across QNB’s merchant network in Qatar
India’s unified payment interface (UPI) is reportedly set to be rolled out in full in Qatar which will simplify financial transactions for a large number of Indian diaspora in the gulf nation and further deepen fintech collaborations between the two countries.
As per Moneycontrol, beyond fintech collaborations, the two nations are also strengthening their engagement in startups and innovation.
“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,” India’s ambassador to Qatar, Vipul, was quoted as saying in the report.
Moreover, the Indian ambassador has also shared that the gulf nation has also committed to invest $10 Bn (INR 87,000 Cr) in sectors such as fintech, space and more.
Vipul added that India has already benefited with foreign direct investment from the gulf nation to the tune of $1.5 Bn (around INR 13,100 Cr).
The development comes nearly eight months after the international arm of The National Payments Corporation of India (NPCI) partnered with QNB which enabled Indian tourists to make UPI payments across QNB’s merchant network in Qatar.
(The story will be updated soon)
