Google Pay India, NPCI International Join Forces for Expansion of UPI Beyond Borders – News18

Google India Digital Services (P) Limited, the entity behind Google Pay India, has signed a Memorandum of Understanding (MoU) with NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), for the worldwide enlargement of Unified Payments Interface (UPI).

The focus of this partnership is to increase the transformative influence of UPI past Indian borders. In phrases of key goals firstly, it seeks to broaden the utilisation of UPI funds for travellers outdoors of India, facilitating handy transactions overseas.

Secondly, the collaboration goals to help in establishing UPI-like digital cost techniques in different nations, offering a mannequin for seamless monetary transactions. Lastly, the main focus is on simplifying cross-border monetary exchanges by utilising the UPI infrastructure, streamlining the method of remittances between nations.

These goals are poised to speed up UPI’s international acceptance, permitting overseas retailers’ entry to Indian clients who will not be restricted to overseas forex, bank cards, or foreign exchange playing cards for digital funds.

Instead, they’ll have the choice to make use of UPI-powered apps from India, together with Google Pay. This initiative aligns with NPCI’s dedication to bolstering India’s place within the international digital cost panorama, offering a extra inclusive and accessible platform.

Deeksha Kaushal, Director, Partnerships, Google Pay India, expressed enthusiasm concerning the collaboration, stating: “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.”

He added: “UPI has demonstrated to the world the step change that happens in economies with the introduction of interoperable, population-scale digital infrastructure and each economy that joins such networks will create an impact beyond the sum of parts. We are very excited about the scope of this collaboration.”

Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL), emphasised the strategic significance of the partnership. He mentioned: “This strategic partnership will not only simplify foreign transactions for Indian travellers but will also allow us to extend our knowledge and expertise of operating a successful digital payments ecosystem to other countries.”

He mentioned: “We are also excited about enabling a seamless and more connected international remittance network by further expanding UPI’s cross-border interoperability feature. With the success of UPI in a dynamic market like India we are excited to further our vision to transform the digital payments landscape globally.”

During the G20 Summit in India, quite a few delegates not solely recommended however actively utilised the digital cost ecosystem, emphasising UPI’s function in reworking the Indian monetary panorama in the direction of a cashless society and elevated monetary inclusion.

This success has sparked curiosity from a number of nations seeking to implement an identical digital cost ecosystem of their areas. Union Minister Ashwini Vaishnaw revealed that India has signed MoUs with many countries searching for to undertake the UPI interface for digital funds.

Bhutan was the primary to embrace UPI, and an integration with Singapore’s PayNow was established for sooner transfers. Prime Minister Narendra Modi introduced an settlement with France for UPI utilization, whereas a pact between the Central Bank of Oman and NPCI paved the way in which for UPI transactions throughout platforms. Similarly, Nepal enabled real-time UPI funds, and NIPL partnered with NEOPAY within the UAE to facilitate UPI funds.