Google India has joined hands with NPCI International Payments Ltd (NIPL), a fully owned subsidiary of the National Payments Corporation of India (NPCI), to ink a Memorandum of Understanding (MoU) aimed at extending the reach of UPI beyond Indian borders.
The MoU outlines three primary objectives. Firstly, it aims to extend the use of UPI payments for international travellers, facilitating seamless transactions abroad. Secondly, the agreement strives to aid in the establishment of UPI-inspired digital payment systems in other nations, providing a blueprint for smooth financial exchanges. Lastly, the collaboration seeks to streamline cross-border financial transactions by leveraging the UPI infrastructure to simplify remittances between countries.
These outlined goals are anticipated to expedite the global acceptance of UPI, granting foreign merchants access to Indian customers without relying solely on foreign currency, credit cards, or forex cards for digital payments. Users will have the option of using UPI-powered apps from India, including Google Pay. This aligns with NPCI's efforts to bolster India's standing in the global digital payment landscape. Additionally, the MoU is poised to significantly simplify remittances by reducing dependence on traditional money transfer channels.
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Deeksha Kaushal, Director of Partnerships at Google Pay India, expressed enthusiasm about supporting NIPL in extending the reach of UPI to international markets. She highlighted Google Pay's commitment to making payments simple, safe, and convenient and emphasized the transformative impact that interoperable, population-scale digital infrastructure can have on economies.
Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL), expressed pleasure in collaborating with Google Pay to propel UPI onto the global stage. He emphasized that the partnership would not only simplify foreign transactions for Indian travellers but also extend the knowledge and expertise of operating a successful digital payments ecosystem to other countries. Shukla further underscored the excitement about enabling a seamless and more connected international remittance network by expanding UPI's cross-border interoperability feature.
The global expansion of UPI signifies a pivotal step in international commerce, promising a seamless, secure, and cost-effective payment experience for merchants and customers worldwide.