Google, NPCI Subsidiary Collaboration To Take UPI Payments Beyond India
Google India Digital Services and NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), have inked a Memorandum of Understanding (MoU) on Wednesday. This collaboration will look to extend the UPI capabilities beyond India, with three key objectives at the forefront.
The primary goal is to broaden the use of UPI payments for travelers outside of India, providing them with a convenient platform for transactions abroad. This move could reduce dependence on traditional forms of currency and payment methods, offering a seamless and efficient alternative for international transactions.
The collaboration also involves leveraging the expertise gained from UPI to assist in establishing UPI-like digital payment systems in other countries. By sharing insights and infrastructure, the partners intend to facilitate the global adoption of similar digital payment systems, contributing to the evolution of cross-border financial transactions.
A significant aspect of the partnership is the focus on simplifying cross-border remittances by utilising the UPI infrastructure. The reported aim is to streamline the process of financial exchanges between countries, making international remittances more accessible and efficient for users.
“We are delighted to support NIPL towards expanding the reach of UPI to international markets,” Deeksha Kaushal, director, partnerships, Google Pay India said in a statement.
“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,” Kaushal added.
Looking ahead, the outlined objectives of this collaboration are poised to accelerate the global acceptance of UPI, opening avenues for foreign merchants to tap into the Indian market. Indian consumers, in turn, will have the option to use UPI-powered apps like Google Pay for international transactions, reducing reliance on foreign currency, credit cards or forex cards.
