In a significant move, Google India Digital Services and NPCI International Payments Ltd (NIPL) have inked a memorandum of understanding (MoU) that aims to expand UPI (Unified Payments Interface) payments to countries beyond India. This collaboration is poised to revolutionize the way Indian travellers handle transactions abroad, eliminating the need for physical cash or reliance on international payment gateways.
The primary objectives outlined in the MoU encompass three key areas. Firstly, it seeks to enhance the use of UPI payments for Indian travellers globally, facilitating seamless transactions abroad through Google Pay. Secondly, the collaboration aims to play a pivotal role in establishing UPI-like digital payment systems in other countries, serving as a model for frictionless financial transactions. Lastly, the strategic partnership focuses on simplifying cross-border financial exchanges and remittances between countries, utilizing the robust UPI infrastructure.
Ritesh Shukla, CEO of NIPL, emphasized, “This strategic partnership will not only simplify foreign transactions for Indian travellers but will also allow us to extend our knowledge and expertise in operating a successful digital payments ecosystem to other countries.”
The MoU is expected to fortify the global presence of UPI, providing foreign merchants access to Indian customers. This move will empower Indian users abroad, offering them an alternative to traditional methods such as foreign currency, credit cards, or forex cards for digital payments. Furthermore, it aims to streamline cross-border financial transactions and remittances, reducing dependence on conventional money transfer channels.
Deeksha Kaushal, Director of Partnerships at Google Pay India, expressed enthusiasm about the collaboration, stating, “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.”
