HomeFintechGoogle Pay and NPCI International partnership to globalize UPI: MoU signed for...

Google Pay and NPCI International partnership to globalize UPI: MoU signed for expansion of UPI outside India

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HIGHLIGHTS

  • Google Pay India signed a MoU with NPCI International for Global expansion of UPI.
  • The MoU signed between Google Pay India and NPCI Internations has three objectives.
  • Currently UPI is officially accessible in more than ten countries.

Google Pay and NPCI International

Google India Digital services and NPCI International Payments (NIPL) a wholly-owned subsidiary of the National Payments Corporation of India (NPCI) have signed an (MoU) Memorandum of Understanding. The objective of this collaboration is to intend the influence of (UPI) Unified Payments Interface outside India.

The collaboration is poised to facilitate the Global deployment of UPI-like payment services by Google and NPCI. It is worth noting that presently UPI is officially accessible in more than ten countries which is Australia, Bhutan, France, Nepal, Saudi Arabia, Oman, Sri Lanka, UAE and others.

Google and NPCI International MoU details

The organization say that the MoU has three key objectives:

Broadening UPI usage for travelers: The first objective aims to expand the use of UPI payments for travelers outside of India, Providing them with a convenient means to conduct transactions abroad.

Establishing digital payment system in other countries: The second objective aims to assist in the establishment of UPI-like digital payment systems in other countries.

Simplifying cross border remittances: The third objective centers on easing the process of remittances between countries by leveraging the UPI infrastructure.

Ritesh Shukla, CEO – NPCI International Payments Limited (NIPL), said, “We are pleased to team up with Google Pay to propel UPI onto the global stage. This strategic partnership will not only simplify foreign transactions for Indian travelers but will also allow us to extend our knowledge and expertise of operating a successful digital payments ecosystem to other countries. We are also excited about enabling a seamless and more connected international remittance network by further expanding UPI’s cross-border interoperability feature. With the success of UPI in a dynamic market like India we are excited to further our vision to transform the digital payments landscape globally.

These objectives are poised to accelerate the global acceptance, providing foreign merchants access to Indian customers who will no longer have to rely only on foreign currency, credit or forex cards for making digital payments and will have the option using UPI powered Apps from India Including Google Pay.

This is in alignment with NPCI’s endeavor of bolstering India’s position in the global digital payment landscape. Moreover, the MoU will also significantly contribute to simplifying remittances by reducing dependence on conventional money transfer channels.

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