India’s Unified Payments Interface (UPI), which already controls half of global real-time payments by volume, has expanded to Qatar, starting with Hamad International Airport’s duty-free stores. With this, Qatar has become the eighth country to adopt UPI, allowing real-time, cashless payments for Indian tourists and reducing dependence on foreign currency or international cards.
The expansion is part of a collaboration between NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japanese payments gateway NETSTARS. The partnership aims to boost digital payments for Indian tourists and Qatari businesses, while expanding India’s finance technology footprint on a global scale.
NPCI International Payments Limited (NIPL) is the international arm of National Payments Corporation of India (NPCI), which is responsible for enabling retail payment and settlement systems. NIPL has partnered with Qatar National Bank to allow acceptance of QR code-based UPI payments through point-of-sale (POS) terminals for merchants acquired by QNB and powered by NETSTARS’ payment solution.
“We aim to enhance the acceptance of UPI globally and create a truly interoperable global payment network. The partnership with QNB is a step towards this journey. It will help millions of Indian travelers make seamless, secure digital transactions and reduce their dependence on cash. As UPI makes its mark, we are focused on driving interoperability and making cross-border payment experiences hassle-free for users,” Ritesh Shukla, Managing Director and Chief Executive Officer, NPCI International, said in a statement.
UPI launch in Qatar to boost retail, tourism
Indians represent the second-largest group of international travelers to Qatar, according to the statement. This collaboration aims to facilitate instant digital payments nationwide. The introduction of UPI in Qatar is also expected to enhance global interoperability and expand its international reach. Additionally, UPI’s expansion into Qatar is likely to boost Qatar’s retail and tourism industries by increasing transaction volumes for merchants supported by QNB. This, in turn, is expected to support business growth while providing a convenient payment experience for customers.
“This milestone not only enhances the convenience for Indian travelers but also brings significant benefits to the Qatari market by promoting cashless transactions, boosting retail and tourist sectors, and strengthening interoperability in the payments ecosystem. Importantly, it will also enable local merchants to thrive by attracting more customers and providing them with seamless digital payment options,” said Yousef Mahmoud Al-Neama, Group Chief Business Officer, QNB.
QNB Group is one of the leading financial organization in the Middle East and Africa, with a presence in over 28 countries across Asia, Europe, and Africa.
NETSTARS, listed on the Tokyo Stock Exchange, is one of Japan’s top payment gateway providers with over 450,000 access points. In 2015, it was the first agent to introduce China’s QR code payment service “WeChat Pay” to Japan, the statement said. “Since then, NETSTARS has expanded StarPay, a payment solution service that provides stores with integrated implementation and management of various Japanese and international QR code payments, as well as other cashless payment services.”
“We are honoured to be part of this strategic partnership and milestone, enabling UPI for the first time in Qatar together with NPCI International, Qatar Airways Group and Qatar National Bank. This aligns with our mission to expand seamless and secure payment experiences globally. We are proud to contribute to this launch in Qatar, which will empower local merchants in Qatar to accept digital payments conveniently and efficiently from millions of international travellers,” said Tsuyoshi Ri, CEO of NETSTARS.
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India prioritizes Qatar ties
Qatar has been on the priority list of the federal government, with India expanding its trade relations with Qatar by moving beyond traditional energy exports and collaborating on new sectors like artificial intelligence (AI), semiconductors, quantum computing, and the Internet of Things (IoT).
In February this year, Qatar committed to invest $10 billion in India. Both nations set a target to increase bilateral trade by 2030. India also aims to become a $30-35 trillion economy by 2047, in alignment with its Viksit Bharat (developed India) vision.
In a statement, India’s Ministry of Commerce & Industry announced that bilateral trade exceeded $15 billion in FY 2023-24, with investment flows also rising, positioning Qatar among India’s top three GCC investors. GCC investors are investors in the Gulf Cooperation Council (GCC) countries, which comprise Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
“We welcome energy products coming in from Qatar, but I think we are now looking at a new future where we will transition from energy being the bulwark of our trade to AI, Internet of Things, quantum computing, and semiconductors,” India’s Commerce Minister, Piyush Goyal, said at the inaugural session of India-Qatar Business Forum.
Goyal emphasized that India and Qatar are well-positioned to complement each other’s strengths and can be partners in driving innovation. As both nations embark on a transformational transition, Goyal said this partnership will rest on the pillars of entrepreneurship, technology, and sustainability.
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Source: https://coingeek.com/india-expands-upi-to-qatar-strengthens-tech-ties/