Source: BL
Context:
India has extended the international reach of its Unified Payments Interface (UPI) by launching the facility at Lulu Group stores in Qatar, following its introduction at duty-free outlets in Hamad International Airport last month. This marks another milestone in India’s effort to globalize its digital payment ecosystem through NPCI International Payments Ltd (NIPL).
Key Highlights:
- Launched by: Piyush Goyal, Union Minister of Commerce and Industry.
- Partnership: NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japanese payment gateway NETSTARS.
- Purpose: To enable seamless, real-time, and low-cost UPI payments for Indian residents and tourists in Qatar.
- Significance:
- Qatar becomes the 8th country to accept UPI payments.
- Aims to strengthen India–Qatar trade and financial integration.
- Facilitates faster, cost-effective cross-border capital movement and remittances.
- Beneficiaries: Around 8.3 lakh Indians living in Qatar, who will now experience faster and cheaper money transfers.
About Unified Payments Interface (UPI)
- Launched: 2016 by the National Payments Corporation of India (NPCI).
- Function: Enables instant, real-time fund transfers between bank accounts through mobile platforms using QR codes or phone numbers.
