An important step forward has been taken to serve the Indian expat community and travelers in Qatar. On Monday, India’s Unified Payments Interface (UPI) was rolled out across Qatar. This brings UPI payments to retail shops across Qatar. Previously, Indian expats were limited to where they could use UPI payments. A handful of duty-free shops in Doha’s Hamad International Airport were the only options, but with this rollout, Indian expats and travelers can now enjoy the convenience and ease of UPI payments across the Gulf country. This news comes as a relief to the 830,000 Indian expats living in Qatar, who will now, according to Commerce and Industry Minister Piyush Goyal, enjoy the benefits of the payment system.
UPI Explained
Introduced by the National Payments Corporation of India in 2016, the UPI is a real-time payment system that facilitates instant, low-cost transfers between bank accounts. It provides a fast and convenient way for individuals to perform transactions between themselves and merchants. The system provides Indians with a single app that can be used to access multiple bank accounts and support transactions across various apps and banks. It is a simple, cost-effective system that promotes financial inclusion in places where access to traditional banking systems is limited. Rolling UPI out across Qatar gives the Indian expats living in the Gulf country the ability to not only make more efficient payments but also send money back home quickly and easily.
UPI is not the first system introduced into Qatar that supports fast, cost-effective payments. Qatari residents who have been playing online casino games have been able to do so through the multiple payment systems available on Qatari online casino platforms. For more information about the benefits these platforms offer, read more on Casino Beats. Qatari online casino platforms offer players thousands of game titles that prioritize mobile gameplay. The mobile-first approach will be familiar to players who will be using UPI, which has also been optimized for mobile app usage and payments.
UPI Simplifying Cross-Border Payments
An important feature of UPI is seamless cross-border payments. Many Indian expats and travelers living and working in the UPI have families in other parts of the world that they send money to. Cross-border payments are notorious the world over for being complicated and full of red tape. Typical cross-border payments can take days to be processed and to reflect in the receiver’s account. The frustration surrounding the difficulty of cross-border payments is further exacerbated when using different financial institutions or banks.
The UPI systems remove some of this frustration by increasing cross-border payment speed, increasing payment security, and offering support for multiple banks and accounts. Sending money is a simple process. All that the sender needs is either a virtual ID or they need to scan a QR code.
How UPI Came to Qatar
UPI’s introduction into Qatar came about because of a partnership between NIPL and Qatar National Bank. The Qatar National Bank made it possible to make payments using a UPI-support app by simply scanning a QR code, which the QNB rolled out at selected merchants at the beginning of the partnership. Now, as the UPI system is fully rolled out across Qatar, the QR code can be found at almost every retailer in the country.
Benefits for Qatar’s Economy and Retail Sector
Qatar has been transitioning to a digital payment-first society. The country aims to be a completely cashless economy, and the rollout of UPI aligns directly with that vision. In addition, it also brings the promise of increased revenue for retail sector merchants. By making payments easier for expats, the Qatari retail sector can increase profits from both expats and tourists.
Indian expats make up some of Qatar’s most economically active consumers. Giving this group familiar and convenient payment methods can lead to increased transaction confidence and spending.
The retail sector is not the only industry that is poised to benefit from UPI’s mass rollout. Qatar’s booming tourism sector stands to see record profits. Visitors from India are one of Qatar’s fastest-growing tourist segments. Providing this tourist sector with convenient payment methods can encourage increased spending, which is an important boost to the Qatar economy.
The introduction of UPI also connects payment methods across the world. This ties in with Qatar’s vision of a fully digital payment system.
Looking Ahead
As UPI continues to expand in Qatar and globally, it brings the potential to transform how cross-border payments work and are facilitated. This rollout is a successful preview of what a more connected, affordable, and efficient global payment network looks like. For Indian expats and travelers, it brings familiarity and convenience. For Qatar, it holds the promise of increased revenue and retail activity. Most importantly, this is one small step in strengthening diplomatic ties between Qatar and India, which in the future could lead to more mutually beneficial financial partnerships.