Google India Digital Services and NPCI International Payments Ltd (NIPL) have signed a Memorandum of Understanding (MoU) to extend the reach of UPI payments beyond India. This move will allow Indian tourists to use UPI with Google Pay globally.
The MoU aims to achieve three key objectives. Firstly, it will broaden the use of UPI payments for travelers outside India, facilitating convenient transactions abroad.
Secondly, it will assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions. Lastly, it will simplify the process of remittances between countries by leveraging the UPI infrastructure.
This initiative will accelerate UPI’s global acceptance, giving foreign merchants access to Indian customers who will no longer have to rely solely on foreign currency or credit/forex cards for digital payments. They will now have the option of using UPI-powered apps from India, including Google Pay.
Deeksha Kaushal, Director, Partnerships, Google Pay India, expressed excitement about the collaboration, stating that it is another step towards their commitment to making payments simple, safe, and convenient.
Kaushal said, “We are delighted to support NIPL towards expanding the reach of UPI to international markets. 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. UPI has demonstrated to the world the step change that happens in economies with the introduction of interoperable, population scale digital infrastructure and each economy that joins such networks will create impact beyond the sum of parts. We are very excited about the scope of this collaboration.”
Ritesh Shukla, CEO – NPCI International Payments Limited (NIPL), also expressed enthusiasm about the partnership, stating that it will not only simplify foreign transactions for Indian travelers but also allow them to extend their knowledge and expertise of operating a successful digital payments ecosystem to other countries.
The global expansion of UPI represents a transformative step in international commerce, enabling a seamless, secure, and cost-effective payment experience for both merchants and customers worldwide.
Source: Business Today
