Google India Digital Services (P) Limited and NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), have inked a Memorandum of Understanding (MoU) to extend the reach of the Unified Payments Interface (UPI) beyond India’s borders.
The MoU outlines three primary objectives. Firstly, it aims to enhance the use of UPI payments for international travelers, facilitating convenient transactions abroad. Secondly, the agreement seeks to aid in the establishment of UPI-like digital payment systems in other countries, providing a model for seamless financial transactions. Lastly, it focuses on simplifying cross-border financial exchanges by leveraging the UPI infrastructure for remittances between countries.
These outlined objectives are designed to expedite the global acceptance of UPI, offering foreign merchants access to Indian customers who will no longer be confined to using foreign currency, credit cards, or forex cards for digital payments. Instead, they will have the option of utilizing UPI-powered apps from India, including Google Pay. This aligns with NPCI’s goal of strengthening India’s position in the global digital payment landscape and is expected to significantly streamline remittances by reducing dependence on traditional money transfer channels.
Deeksha Kaushal, Director of Partnerships at Google Pay India, expressed delight in supporting NIPL’s efforts to expand the reach of UPI internationally. The collaboration reflects Google Pay’s commitment to making payments simple, safe, and convenient. Kaushal highlighted that UPI has showcased the transformative impact that interoperable, population-scale digital infrastructure can have on economies. The collaboration with NIPL is seen as another step towards this commitment.
Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL), emphasized the partnership’s goal of propelling UPI onto the global stage. He noted that the collaboration with Google Pay would simplify foreign transactions for Indian travelers and extend knowledge and expertise in operating a successful digital payments ecosystem to other countries. Shukla expressed excitement about enabling a seamless and more connected international remittance network by expanding UPI’s cross-border interoperability feature.
The global expansion of UPI marks a transformative step in international commerce, offering a seamless, secure, and cost-effective payment experience for both merchants and customers on a global scale. The strategic collaboration between Google Pay and NIPL is poised to play a crucial role in shaping the future of digital payments beyond India’s borders.
