Google India Digital Services (P) Limited and NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI) have signed a Memorandum of Understanding (MoU) to expand the transformative impact of UPI to countries beyond India, NPCI informed.
“We are pleased to announce a strategic partnership between NPCI International and Google Pay India, to expand the transformative impact of UPI to countries beyond India,” NPCI tweeted. It further informed that this initiative aligns with its commitment to bolster India’s position in the global digital payment landscape.
The MoU has three key objectives:
- It seeks to broaden the use of UPI payments for travelers outside of India, enabling them to conveniently make transactions abroad.
- The MoU intends to assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions.
- It focuses on easing the process of remittances between countries by utilizing the UPI infrastructure, thereby simplifying cross-border financial exchanges.
These objectives will help accelerate UPI’s global acceptance, providing foreign merchants access to Indian customers who will no longer have to rely only on foreign currency and/or, credit or forex cards for making digital payments and will have the option using UPI powered Apps from India including Google Pay. This is in alignment with NPCI’s endeavor of bolstering India’s position in the global digital payment landscape.
Moreover, the MoU will also significantly contribute to simplifying remittances by reducing dependence on conventional money transfer channels.
