India’s Unified Payments Interface (UPI) will soon be rolled out in full in Qatar, country’s ambassador to the Gulf nation Vipul has said about the popular instant payments system.
After successful integration with Qatar National Bank’s (QNB) point-of-sale systems in July 2024, UPI is now set to transform digital transactions between the two nations, Vipul, who only uses one name, said during the Web Summit Qatar, which was held in Doha last week.
"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," Vipul said in an interview to Moneycontrol
UPI is expected to simplify financial transactions for the large Indian diaspora in Qatar and deepen fintech collaboration.
Beyond fintech, India and Qatar are strengthening their engagement in startups and innovation.
"India has that talent pool, the focus on technology, the startup space, which is very big with 150,000 startups. And Qatar has the financing as well as the ecosystem for startups. Indian startups can validate their business models with the benefits Qatar provides," Vipul said.
The two sides have been strengthening their economic ties, especially following Qatar’s Emir Sheikh Tamim bin Hamad Al Thani’s recent India visit.
During the Emir’s two-day visit in February, Qatar committed $10 billion in investments across various sectors.
"Qatar already has $1.5 billion of foreign direct investment in India, in areas like retail, renewable energy, IT, and education. With the recent $10 billion commitment, investments could come into infrastructure, fintech, space, and more," Vipul said.
Talent mobility between the two countries is another focus area, with over 800,000 Indians currently residing in Qatar.
"Qataris appreciate India’s contribution. We need to promote more institutional partnerships and student exchanges between IITs, IISc, and Qatari technology institutes," he said.
The ambassador also highlighted the role of the Qatar Research, Development, and Innovation Center (QRDI) in supporting Indian startups.
“QRDI is providing great benefits to startups. Two Indian startups are already working with QRDI—one in oil and gas management, the other in health tech," he said.
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