NEW DELHI: Google Pay on Wednesday signed a Memorandum of Understanding (MoU) with NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), for the global expansion of UPI.
The purpose of the partnership, the American tech giant said, is to broaden the use of UPI payments for travellers outside of India, enabling them to conveniently make transactions abroad. It will also assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions. Lastly, it focuses on easing the process of remittances between countries by utilizing the UPI infrastructure, thereby simplifying cross-border financial exchanges.
“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 an impact beyond the sum of parts. We are very excited about the scope of this collaboration,” said Deeksha Kaushal, Director of partnerships, Google Pay India.
Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL), said that this strategic partnership will not only simplify foreign transactions for Indian travellers but will also allow to extend 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. With the success of UPI in a dynamic market like India, we are excited to further our vision to transform the digital payments landscape globally,” said Shukla.
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.
