New Delhi: Google India Digital Services and NPCI International Payments Limited (NIPL) have signed a Memorandum of Understanding (MoU) to expand the impact of Unified Payments Interface (UPI) for international payments beyond India. Notably, NIPL is a wholly-owned subsidiary of the National Payments Corporation of India, while UPI is the instant payment system widely used in the country.
The three key objectives of the MoU are as follows
First on the list is to expand the adoption of UPI payments beyond India, focusing on facilitating transactions for international travellers. Second, this pact will introduce UPI-inspired digital payment systems beyond India, serving as a blueprint for effortless financial interactions. Third on the list is to streamline cross-border financial exchanges, making transactions smoother and more accessible on a global scale.
On a larger scale, the MoU aims to ease doing business and making payments for Indian travellers and people from other countries who are coming to India. According to Google, the value processed via UPI payments in 2023 stood at Rs. 167 lakh crores. (Also Read: Business Success Story: Introducing Nitin Saluja, An IIT Graduate Who Established A Tea Brand Worth Rs 2051 Crore)
Deeksha Kaushal, Director of Partnerships at Google Pay India, asserted, “We are delighted to support NIPL in expanding the reach of UPI to international markets. Google Pay has been a proud and willing collaborator with 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.
Adding further, she mentioned, “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 its parts. We are very excited about the scope of this collaboration.” (Also Read: Interim Budget 2024: Gold Linked Credit Line Via UPI Can Monetise Idle Gold Jewellery, Says Muthoot Finance MD)
Moreover, Ritesh Shukla, NIPL CEO, said, “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.”
To recall, Google Pay introduced a UPI Lite feature on its platform that enables small-value digital payments with just one tap.