As the digital age reshapes the global financial landscape, Bahrain is following in the footsteps of Singapore, expressing interest in India’s retail payment system.
The recent integration of India’s Unified Payment Interface (UPI) and Singapore’s PayNow enabled faster remittances between the citizens of the two countries at a highly competitive rate.
Now, Abdulla Adel Fakhro, Bahrain’s minister of industry and commerce, envisions a similar partnership, citing preliminary discussions with Indian officials. India’s technological expertise has already set the stage for QR code-based merchant payments in Bhutan, Singapore, and the UAE.
Bahrain views fintech, particularly payment systems, as crucial in the evolving world of financial services. With bilateral trade reaching $1.6 billion in 2022, the relationship between Bahrain and India is poised for growth.