Google Pay and NPCI International Payments on Wednesday inked a Memorandum of Understanding (MoU) with an aim to expand the scope of UPI payments outside India.
This will enable Indian travellers to transact digitally outside the country while also establishing systems similar to the Unified Payments Interface (UPI) in other countries. The development aims at simplifying cross-border digital payments by using the UPI rails to enable remittances between countries.
Google Pay stated the move will enable foreign merchants to access Indian customers. These customers will be able to make payments using UPI-powered apps from India without needing to rely on foreign currency, credit, or forex cards.
“We are delighted to support NIPL (NPCI International Payments) 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,” said Deeksha Kaushal, Director of Partnerships, Google Pay India.
“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 travellers but will also allow us to extend our knowledge and expertise of operating a successful digital payments ecosystem to other countries,” said Ritesh Shukla, Chief Executive Officer, NIPL.
This tie-up comes at a time when NPCI is taking UPI international. Last year in July, NPCI signed an MoU with France’s Lyra for accepting UPI and Rupay cards.
Bhutan, Nepal, the United Arab Emirates, and Canada have also accepted UPI as a payment mechanism.
Banks, namely Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India (SBI), provide this functionality through their respective apps.
First Published: Jan 17 2024 | 3:56 PM IST