Google India Digital Services and NPCI International Payments Ltd (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), recently announced a significant development in the field of digital payments. They have entered into a Memorandum of Understanding (MoU) with the objective of expanding the scope of Unified Payments Interface (UPI) globally.
This partnership between Google India and NIPL is aimed at accomplishing three primary objectives. Firstly, it seeks to extend the utility of UPI payments to travelers from India, enabling them to execute transactions conveniently while abroad. This would mean that Indian travelers would no longer be solely dependent on foreign currency, credit, or forex cards, as they will have the option to use UPI-enabled apps, such as Google Pay, for digital payments internationally.
Secondly, the MoU focuses on assisting other countries in establishing digital payment systems similar to UPI. This endeavor will provide a model for creating seamless financial transaction systems globally, sharing the knowledge and expertise that NPCI has gained from operating a successful digital payments ecosystem in India.
Lastly, the collaboration is set to simplify the process of international remittances. By leveraging the UPI infrastructure, the partnership aims to ease cross-border financial exchanges, thus facilitating smoother and more connected international remittance networks.
This initiative is not only a step towards making payments simpler, safer, and more convenient but also represents a transformative move in the international digital payments landscape. The global expansion of UPI through this collaboration is expected to offer a secure, seamless, and cost-effective payment experience for both merchants and customers worldwide.
Deeksha Kaushal, Director of Partnerships at Google Pay India, expressed excitement about the collaboration, noting the transformative impact of interoperable, population-scale digital infrastructure like UPI. Ritesh Shukla, CEO of NPCI International Payments Limited, also highlighted the strategic significance of this partnership in simplifying foreign transactions for Indian travelers and sharing NPCI’s digital payments expertise on a global scale.
The global expansion of UPI, propelled by this partnership, marks a significant milestone in enhancing the convenience of digital payments for Indian travelers abroad and in assisting the creation of similar digital payment infrastructures in other countries. This move aligns with NPCI’s vision to strengthen India’s stature in the global digital payment arena.
