On Monday, October 6th, Unified Payments Interface (UPI) from India expanded its reach in Qatar. This was done by launching the facility at Lulu Group’s stores in Qatar. With the launch of the UPI service in Qatar, it would facilitate cost-effective and seamless trade. As a result, it won’t just support Indian travellers, but even businesses in Qatar.
UPI Launches At Lulu Hyper Market
Facilitating a smoother and more cost-effective movement of capital, UPI was launched in Qatar. Yes, UPI will be available at Lulu hypermarkets in Qatar, which is a popular chain. As it happens, this is in partnership with the Qatar National Bank system. So, UPI has been introduced at point of sale terminals across Qatar, so that merchants that are acquired by QNB can adopt this payment method.
Revolutionising Trade Between The Two Nations
As revealed in a report by the Economic Times, this is not just a digital payment solution, but also a potential for revolutionising trade between the two nations. The movement of money with the launch of the service will become faster, almost on a real-time basis. With a very low cost, there will be expanded trade. Additionally, 8,30,000 Indians who live in Qatar will benefit from this launch as their remittance will become faster and at a lower cost.
Eighth Country To Accept UPI
Qatar has become the eighth country to accept UPI. Additionally, the rollout at Lulu group stores comes after this payment method was rolled out at the duty-free outlets in Hamad International Airport, the previous month. So not just Indian travellers, but even those living in Qatar are bound to benefit from this launch, making payments a lot easier at the market.
Cover Image Courtesy: Canva Pro/Tevarak
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