Google India Digital Services Ltd signed an MoU with NPCI International Payments Ltd (NIPL), a subsidiary of NPCI, to extend the influence of UPI globally. The agreement aims to enhance UPI usage for international travelers, facilitating seamless transactions abroad.
The MoU aims to establish UPI-like digital payment systems globally, serving as a model for seamless financial transactions. It also concentrates on facilitating cross-border remittances through UPI infrastructure, simplifying international financial exchanges. According to Google Pay, this collaboration reaffirms their commitment to making payments simple, safe, and convenient, in alignment with regulatory guidance. Deeksha Kaushal, Director of Partnerships at Google Pay India, expressed pride in being a collaborator with NPCI and emphasized the dedication to enhancing the financial ecosystem.
The objective is to grant foreign merchants access to Indian customers, providing an alternative to relying solely on foreign currency, credit cards, or forex cards for digital payments. Furthermore, the MoU aims to streamline remittances, diminishing dependence on traditional money transfer channels. Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL), highlighted that the strategic partnership not only simplifies foreign transactions for Indian travelers but also extends expertise in operating a successful digital payments ecosystem to other nations.