Google Pay partners with NPCI for global expansion of UPI, simplifying international payments
In a significant stride towards advancing the digital payments landscape, Google Pay and National Payments Corporation of India (NPCI) reportedly inked a Memorandum of Understanding (MoU) on Wednesday to extend the Unified Payments Interface (UPI) beyond India’s borders. This groundbreaking collaboration aims to empower Indian travellers with the convenience of digital transactions abroad while laying the foundation for UPI-like systems in various countries.
The primary objective of the agreement is to broaden the scope of UPI payments for Indian travellers outside the country. Currently available in Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the USA, Saudi Arabia, the United Arab Emirates, and the United Kingdom, this expansion aims to provide a seamless digital payment experience for Indian customers globally. With this move, foreign merchants gain access to Indian consumers who can now utilise UPI-powered apps, including Google Pay, eliminating the need for reliance on foreign currency, credit cards, or forex cards.
The second key aspect of the MoU focuses on assisting in establishing UPI-like digital payment systems in other countries. By sharing the model of the UPI infrastructure, the collaboration seeks to facilitate the creation of efficient and secure financial transaction ecosystems globally. This strategic move aligns with the NPCI’s commitment to bolstering India’s position in the global digital payment landscape.
The third critical objective revolves around easing the process of remittances between countries by leveraging the UPI infrastructure. The collaboration aims to reduce dependence on conventional money transfer channels, contributing significantly to simplifying cross-border financial exchanges. This aligns with ongoing efforts in India to utilise UPI’s rails for cross-border digital payments and remittances.
Deeksha Kaushal, Director of Partnerships at Google Pay India, expressed enthusiasm about supporting NPCI International Payments in expanding the reach of UPI globally. The partnership reflects Google Pay’s commitment to making payments simple, safe, and convenient, in line with regulatory guidance.
Ritesh Shukla, CEO of NPCI International Payments, highlighted the strategic partnership’s potential to simplify foreign transactions for Indian travellers and extend knowledge and expertise in operating a successful digital payment ecosystem to other nations.
In conclusion, the global expansion of UPI through this collaboration signifies a pivotal step in international commerce, offering a seamless, secure, and cost-effective payment experience for merchants and customers worldwide. As UPI extends its influence beyond borders, it propels India into a leading position in the global digital payment arena.
