Google India Digital Services inked a Memorandum of Understanding (MoU) with NPCI International Payments (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), to extend the transformative impact of Unified Payments Interface (UPI) to countries beyond India.
NPCI said in a statement that the MoU outlines three key objectives.
- To expand the use of UPI payments for international travellers, enabling them to make transactions abroad seamless.
- To help establish UPI-inspired digital payment systems in other countries, providing a blueprint for smooth financial transactions.
- To simplify cross-border financial transactions by utilising the UPI infrastructure to ease the process of remittances between countries.
The outlined goals are expected to help accelerate the global acceptance of UPI to provide foreign merchants access to Indian customers. Further, the MoU is anticipated to significantly simplify remittances by reducing dependence on conventional money transfer channels.
Users will have the option to use UPI-powered apps from India, including Google Pay, without having to rely solely on foreign currency, credit cards, or forex cards for making digital payments.
UPI’s global expansion promises a seamless, secure, and cost-effective payment experience for merchants and customers worldwide. This move is a pivotal step in international commerce in alignment with NPCI’s efforts to bolster India’s position in the global digital payment landscape.
