Google Pay, NPCI to take India’s UPI mobile payments system global

Google Pay, NPCI to take India’s UPI mobile payments system global

Google Pay India has signed a deal with the international arm of the National Payments Corporation of India (NPCI) to export India's Unified Payments Interface (UPI) mobile payment system to international markets.

Under a Memorandum of Understanding (MoU) signed by Google India Digital Services and NPCI International Payments Ltd (NIPL) on Wednesday, the two companies will seek to broaden the use of UPI payments for travellers outside of India to make transactions abroad.

That also includes establishing UPI-like digital payment systems in other countries and utilizing the UPI infrastructure to enable cross-border remittances.

“Google Pay has been a proud and willing collaborator to NPCI and the financial ecosystem, under the regulator’s guidance,” said Deeksha Kaushal, director of partnerships at Google Pay India. “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.”

According to a statement from NPCI, the objectives in the MoU will not only give Indian customers the option of using UPI-powered apps from India (including Google Pay), but also help accelerate UPI's global acceptance by giving overseas merchants access to Indian customers who won’t have to rely only on foreign currency or credit/forex cards for making digital payments.

Ritesh Shukla, CEO of NIPL, said the MoU aligns with NPCI’s vision of boosting India’s position in the global digital payment landscape.

“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,” he said.

According to NPCI, UPI recorded 117.6 billion transactions in India last year, a 60% increase year on year, with transactions valued at INR 182.8 trillion (US$2.2 trillion).

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