Union Minister of Commerce and Industry Piyush Goyal launched India’s Unified Payments Interface (UPI) in Doha, strengthening digital financial cooperation and economic ties between India and Qatar.

About UPI

• Introduction: UPI is a digital payment system that links multiple bank accounts to a single mobile application, enabling seamless real time transactions.
• Launch: Launched in 2016 by the National Payments Corporation of India (NPCI).
  • NPCI, a non-profit cooperation established in 2008 by the RBI and Indian Banks’ Association.
• Application: 
  • It connects 675 banks through one unified platform, making transactions fast, affordable, and accessible 24/7.
  • Its key features include instant money transfers, bill payments, peer-to-peer payments, and merchant transactions.

Expansion of UPI

• Global Adoption: UPI has expanded beyond India, with countries like Qatar now enabling UPI acceptance.
  • Currently, UPI is live in over 7 countries, including key markets such as UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, allowing Indians to make payments internationally.

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