Google India Digital Services and NPCI International Payments have inked a Memorandum of Understanding (MoU) to expand
UPI payments beyond India.
The move will enable Indian travellers to make payments in other countries via Google Pay (also known as GPay), eliminating the need to carry cash or resort to
international payment gateways. The agreement also states that it intends to develop a UPI-like
digital payment system in other countries, with the ultimate goal of providing a seamless experience when engaging in financial transactions, as per indianexpress.
Deeksha Kaushal, Director, Partnerships, Google Pay India said, “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.”
Kaushal stated that UPI has demonstrated to the world community the dramatic transformation that occurs in economies when interoperable, population-scale digital infrastructure is implemented. Every economy that joins such networks will have an impact greater than the sum of its separate parts.
The alliance will also focus on making international remittances easier by leveraging the existing Unified Payments Interface (UPI) infrastructure. This could also assist to speed the spread of UPI as an international payment mechanism, giving foreign businesses access to Indian clients who are currently restricted by foreign currency, credit, and FX cards.
The MoU intends to make it easier for Indian travelers and visitors from other countries to transact business and make payments in India by strengthening UPI's cross-border interoperability.
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