UPI launched in Lulu Group stores in Qatar after Hamad International Airport

INDIA extended the Unified Payments Interface (UPI) services by launching it at Lulu Group's stores in Qatar on Monday after its initial rollout at duty-free outlets in Hamad International Airport last month.

Commerce and Industry Minister Piyush Goyal launched the facility at a Lulu store and said it will help facilitate smoother and more cost-effective capital movement between the two countries.

Last month, NPCI International Payments Ltd (NIPL), in collaboration with Qatar National Bank (QNB), launched UPI at point-of-sale terminals throughout Qatar for merchants served by QNB.

The latest launch is part of a collaboration between NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japanese payments gateway NETSTARS.

Piyush Goyal on the latest launch

Goyal also encouraged other banks and institutions in Qatar to adopt UPI.

"The launch of UPI and UPI transactions is not just a digital payment solution, but has the potential to revolutionise trade between Qatar and India. It's an opportunity to expand our trust between the two nations because as we seamlessly integrate the payment systems of Qatar and India, our people will be able to trade more, trade smarter at lower cost," news agency PTI quoted Goyal.

He mentioned that the transfer of money and capital will occur more quickly, nearly in real-time, and at a "very-very low" cost.

"Expanded trade will further be strengthened with the adoption of UPI ... I thank QNB for taking up UPI as part of their payment systems," Goyal said.

He asserted that this launch will benefit 8,30,000 Indians living here by making their remittances faster and more affordable.

Qatar became the eighth country to adopt UPI, which enables Indians to make real-time, cashless payments and decrease their reliance on foreign currency or international cards.

UPI aims to benefit Indian travellers and local Qatari businesses by encouraging digital payments. It improves India's global financial presence and offers tourists more convenience and security in busy commercial areas.

Goyal said the UPI was launched nine years ago and is a big success story in India.

He stated that 85% of Indian digital payments are processed via UPI, and nearly 50% of global digital payments now occur through UPI, with an average of 640 million transactions daily.

He said that it was exciting to see QNB serve as a link between NPCI, the developer of the UPI platform, and Lulu Group, which provides digital payments via UPI to all its customers.