Google India Digital Services (P) Limited, the entity behind Google Pay India, has signed a Memorandum of Understanding (MoU) with NPCI International Payments Limited (NIPL), a wholly owned subsidiary of National Payments Corporation of India (NPCI). . For global expansion of Unified Payment Interface (UPI).
The focus of this partnership is to extend the transformative impact of UPI beyond Indian borders. In terms of key objectives, firstly, it seeks to widen the use of UPI payments for travelers outside India, thereby facilitating convenient transactions abroad.
Secondly, the collaboration aims to help other countries set up digital payment systems like UPI, which provides a model for seamless financial transactions. Finally, the focus is on simplifying cross-border financial exchanges by streamlining the process of remittances between countries, using the UPI infrastructure.
These objectives are set to accelerate the global acceptance of UPI, allowing foreign merchants access to Indian customers who will no longer be limited to foreign currency, credit cards or foreign exchange cards for digital payments.
Instead, they will have the option to use UPI-powered apps from India, including Google Pay. This initiative is in line with NPCI’s commitment to provide a more inclusive and accessible platform, strengthening India’s position in the global digital payments landscape.
Diksha Kaushal, Director, Partnerships, Google Pay India, expressed excitement about the collaboration, saying: “Google Pay has been a proud and willing partner to NPCI and the financial ecosystem under the guidance of the regulator, and this collaboration is a testament to our commitment to Another step in the direction. Making payments simple, secure and convenient.”
He said: “UPI has shown the world what transformation happens to economies with the introduction of interoperable, population-level digital infrastructure and how each economy joining such a network will create an impact beyond the sum of the parts. We are very excited about the scope of this collaboration.”
Ritesh Shukla, CEO, NPCI International Payments Limited (NIPL), emphasized the strategic importance of the partnership. He said: “This strategic partnership will not only simplify overseas transactions for Indian travelers but will also allow us to extend our knowledge and expertise of operating a successful digital payments ecosystem to other countries.”
He added: “We are also excited to further expand UPI’s cross-border interoperability feature to enable a seamless and more connected international remittance network. With the success of UPI in a dynamic market like India, we are excited to pursue our vision of transforming the digital payments landscape globally.”
During the G20 summit in India, many delegates not only appreciated the digital payments ecosystem but also actively used it, emphasizing the role of UPI in transforming the Indian financial landscape to a cashless society and increasing financial inclusion.
This success has sparked interest in many countries to implement similar digital payments ecosystems in their regions. Union Minister Ashwini Vaishnav revealed that India has signed MoUs with several countries to adopt the UPI interface for digital payments.
Bhutan was the first country to adopt UPI, and integration with Singapore’s PayNow was set up for faster transfers. Prime Minister Narendra Modi announced an agreement with France for UPI usage, while an agreement between the Central Bank of Oman and NPCI paved the way for UPI transactions across all platforms. Similarly, Nepal enabled real-time UPI payments and NIPL partnered with NEOPAY in UAE to facilitate UPI payments.
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