In a groundbreaking move, Google India Digital Services has teamed up with NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), to extend the reach of UPI payments beyond Indian borders.
This collaboration promises a seamless payment experience for Indian travelers in foreign countries, eliminating the need for traditional currency transactions or reliance on international payment gateways.
Ushering in a New Era of UPI Payments Abroad
Under the Memorandum of Understanding (MoU), Google Pay users will now have the unprecedented ability to make payments abroad, marking a significant step in the global expansion of UPI-based transactions.
Three Key Objectives of the MoU
The MoU between Google Pay and NPCI outlines three primary goals: broadening the usage of UPI payments for Indian travelers internationally, aiding other nations in establishing UPI-like digital payment systems, and streamlining cross-border financial transactions through the UPI infrastructure.
Simplifying Overseas Transactions and Beyond
Ritesh Shukla, CEO of NIPL, emphasizes how this strategic partnership not only simplifies transactions for Indian travelers but also serves as a platform to share expertise in operating successful digital payment systems with other countries.
Strengthening UPI’s Global Presence
The collaboration is set to bolster UPI’s global footprint, offering foreign merchants access to Indian customers without the reliance on foreign currency or credit cards.
This move opens up new avenues for seamless digital payments, allowing users to access Google Pay and other UPI-powered apps internationally.
