Google Pay inks bond with India’s NPCI to expand UPI for international payments

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 signed a Memorandum of Understanding (MoU) to expand the transformative affect of UPI to international locations past India.

The MoU has three key aims.

First, it seeks to broaden using UPI payments for travellers exterior of India, enabling them to conveniently make transactions overseas.

Second, the MoU intends to help in establishing UPI-like digital fee programs in different international locations, offering a mannequin for seamless monetary transactions.

Lastly, it focuses on easing the method of remittances between international locations by utilising the UPI infrastructure, thereby simplifying cross-border monetary exchanges.

MoU goals to reduce down dependence on overseas forex

The outlined aims will assist speed up UPI’s world acceptance, offering overseas retailers entry to Indian clients who will now not have to rely solely on overseas forex and/or, credit score or foreign exchange playing cards for making digital payments and may have the choice utilizing UPI powered Apps from India together with Google Pay.

This is in alignment with NPCI’s endeavour of bolstering India’s place within the world digital fee panorama.

Moreover, the MoU will even considerably contribute to simplifying remittances by lowering dependence on typical cash switch channels.

Deeksha Kaushal, Director, Partnerships, Google Pay India, stated, “We are delighted to help NIPL in direction of increasing the attain of UPI to international markets.”

“Google Pay has been a proud and prepared collaborator to NPCI and the monetary ecosystem, below the regulator’s steerage, and this collaboration is one other step in direction of our dedication to making payments easy, secure and handy. UPI has demonstrated to the world the step change that occurs in economies with the introduction of interoperable, inhabitants scale digital infrastructure and every financial system that joins such networks will create affect past the sum of elements. We are very excited in regards to the scope of this collaboration,” she stated.

Ritesh Shukla, CEO – NPCI International Payments Limited (NIPL), stated, “We are happy to crew up with Google Pay to propel UPI onto the worldwide stage. This strategic partnership won’t solely simplify overseas transactions for Indian vacationers however will even enable us to lengthen our data and experience of working a profitable digital payments ecosystem to different international locations. We are additionally enthusiastic about enabling a seamless and extra linked international remittance community by additional increasing UPI’s cross-border interoperability function. With the success of UPI in a dynamic market like India we’re excited to additional our imaginative and prescient to rework the digital payments panorama globally. The world growth of UPI represents a transformative step in international commerce, enabling a seamless, safe, and cost-effective fee expertise for each retailers and clients worldwide.”