Google India Digital Services and NPCI International Payments Limited (NIPL), a National Payments Corporation of India (NPCI) subsidiary signed an MoU to expand UPI globally.
The MoU has three key objectives: to broaden the use of UPI payments for travellers outside of India, to assist in establishing UPI-like digital payment systems in other countries and to focus on easing the process of remittances between countries by utilising the UPI infrastructure.
“We are delighted to support NIPL towards expanding the reach of UPI to international markets,” Deeksha Kaushal, director, of partnerships, Google Pay India said in a statement. “Google Pay has been a proud and willing collaborator to NPCI and the financial ecosystem, under the regulator’s guidance, and this collaboration is another step towards our commitment to making payments simple, safe and convenient.”
“We are pleased to team up with Google Pay to propel UPI onto the global stage,” Ritesh Shukla, chief executive officer of NIPL said. “This strategic partnership will not only simplify foreign transactions for Indian travellers but will also allow us to extend our knowledge and expertise in 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.”
The outlined objectives will help accelerate UPI’s global acceptance, providing foreign merchants access to Indian customers who will no longer have to rely only on foreign currency and/or, credit or forex cards for making digital payments.
