Unified Payment Interface (UPI) developed by the National Payments Corporation of India (NPCI) has helped accelerate the cashless transaction adoption in the subcontinent.
In 2023, UPI-based transactions crossed 11,800 crores worth Rs 182 lakh crore in value, up 44 percent over the previous year in India.
Now, Google India Digital Services (P) Ltd has signed a pact with NPCI International Payments Limited (NIPL) to expand UPI to global markets.
The Memorandum of Understanding (MoU) intends to assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions.
“We are delighted to support NIPL towards expanding the reach of UPI to international markets. 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. 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 impact beyond the sum of parts. We are very excited about the scope of this collaboration,” said Deeksha Kaushal, Director, Partnerships, Google Pay India.
The Google Pay-NPCI partnership helps ease the process of remittances between countries by utilizing the UPI infrastructure, thereby simplifying cross-border financial exchanges and delivering a cost-effective payment experience.
The new partnership will fast-track UPI adoption in global regions. This will greatly assist Indian customers who will no longer have to rely only on foreign currency and credit or forex cards for making digital payments and will have the option of using UPI powered Apps from India including Google Pay.
“We are pleased to team up with Google Pay to propel UPI onto the global stage. This strategic partnership will not only simplify foreign 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. 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," said Ritesh Shukla, CEO, NPCI International Payments Limited (NIPL).
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