Piyush Goyal, Union Minister of Commerce and Industry, officially launched India’s Unified Payments Interface (UPI) in Qatar at Lulu Mall in Doha, a significant step forward in the two nations’ financial and technological collaboration. The move demonstrates increased confidence in cross-border collaboration and is intended to make payments easier for citizens, visitors, and businesses alike.
Speaking at the launch, Goyal stated that UPI is more than just a digital payment instrument; it is also a platform capable of revolutionising the way India and Qatar trade. He saw it as a sign of technical trust, allowing real-time, secure, and low-cost transactions. Goyal also congratulated Qatar National Bank for incorporating UPI into its payment system and encouraged other Qatari institutions to join the effort, emphasising its potential to boost economic cooperation.
Since its launch nine years ago, UPI has emerged as a global fintech success, accounting for about 85% of India’s digital transactions and nearly half of all global digital payments. With over 640 billion annual transactions, it showcases India’s capability in financial innovation.
Previously, Goyal co-chaired the India-Qatar Joint Commission on Economic and Commercial Cooperation alongside Sheikh Faisal bin Thani bin Faisal Al Thani.
