Google Pay and NPCI Join Forces for Global Expansion of UPI

Google India Digital Services Limited and NPCI International Payments Ltd, a wholly-owned subsidiary of the National Payments Corporation of India (NPCI) have inked a Memorandum of Understanding (MoU) to extend the influence of the Unified Payments Interface (UPI) to countries beyond the borders of India.

The MoU has outlined three primary objectives that are aimed at revolutionizing the use of UPI on a global scale.

• It seeks to broaden the utilization of UPI payments for international travelers, allowing them to conduct seamless transactions aboard.
• The MoU intends to facilitate the establishment of UPI-like digital payment systems in other countries offering a blueprint for financial transactions.
• The agreement focuses on simplifying cross-border financial exchanges, particularly in the realm of remittances by leveraging the UPI infrastructure.

The outlined objectives are aimed to accelerate the global acceptance of UPI offering foreign merchants access to Indian customers who will no longer be confined to relying solely on foreign currency, credit cards, or forex cards for their digital payments. Instead of using these methods of transactions, they will have the option to use UPI-powered apps from India including Google Pay.

This strategic alignment is consistent with NPCI’s commitment to enhance India’s standing in the global digital payment landscape. Additionally, the MoU between Google Pay and NPCI is expected to contribute to streamlining remittances by reducing dependence on conventional money transfer channels.

Deeksha Kaushal, Director of Partnerships at Google Pay India has expressed her enthusiasm by stating, “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."

"We are pleased to team up with Google Pay to propel UPI onto the global stage. This strategic partnership will not only simplify foreign transactions for Indian travelers but will also allow us to extend our knowledge and expertise in operating a successful digital payments ecosystem to other countries," added Ritesh Shukla, CEO of NPCI International Payments Limited.

The global expansion of UPI marks a transformative step in international commerce promising a seamless, secure, and cost-effective payment experience for both merchants and customers worldwide.