India's digital payment network has expanded beyond its borders with the launch of the Unified Payment Interface (UPI) in Lulu Group stores in Qatar. The move follows the launch of duty-free outlets at Hamad International Airport.
Commerce and industry minister Piyush Goyal launched the service at a Lulu store on Monday, describing it as a critical step toward increasing financial flows between the two nations. He stated that the integration will make transactions between the two countries more efficient and cost effective.
Key Highlights
- India's UPI expands to Qatar, enabling seamless QR-based payments at LuLu Hypermarket and duty-free outlets.
- Commerce Minister Piyush Goyal inaugurates UPI services in Doha, enhancing digital trade between India and Qatar.
The launch comes after a collaboration between NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japanese payment gateway NETSTARS. Earlier in September, NIPL and QNB implemented UPI at point-of-sale terminals throughout Qatar for merchants acquired by QNB.
Goyal urged Qatari financial institutions to adopt the system. "The launch of UPI and UPI transactions is more than just a digital payment solution; it has the potential to transform trade between Qatar and India. It's an opportunity to strengthen our trust between the two countries because, as we seamlessly integrate Qatar and India's payment systems, our people will be able to trade more, trade smarter, and at a lower cost," he explained.
He also mentioned that the system allows for near-real-time transfers at a "very-very low" cost, which will greatly accelerate the movement of money and capital. "The adoption of UPI will help to strengthen expanded trade... "I thank QNB for incorporating UPI into their payment systems," he added, describing the official launch as a watershed moment in the partnership.
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The new facility is also expected to benefit the 8.3 lakh (830,000) Indians living in Qatar by making remittances faster and more affordable.
With this launch, Qatar becomes the eighth country to accept UPI payments. The system will enable Indian travelers to pay in real time without using foreign currency or international cards, while also assisting local Qatari businesses in accepting digital payments seamlessly.
Goyal discussed how UPI has transformed India's payment landscape since its inception nine years ago. "85% of Indian digital payments go through UPI, and nearly 50% of global digital payments are now made by UPI," he said, adding that the platform processes approximately 640 million transactions per day.
He also praised QNB for partnering with NIPL, the UPI platform's developer, and Lulu Group, which now accepts UPI payments from all of its Qatar customers.
