Google India Digital Services has recently announced a partnership with the National Payments Corporation of India (NPCI) to expand the reach of the Unified Payments Interface (UPI) on a global scale. Through a formal Memorandum of Understanding (MoU), the collaboration aims to enhance UPI payments for international travelers and establish UPI-like systems worldwide. This partnership has the potential to transform the way international transactions are conducted, as it seeks to provide convenience and accessibility for users across the globe.
The MoU outlines three primary objectives of the partnership. Firstly, it aims to enhance the use of UPI payments for international travelers, allowing them to conduct transactions abroad seamlessly. Secondly, the collaboration seeks to assist in establishing UPI-like digital payment systems in various countries. Lastly, it aims to enable cross-border money transfers by leveraging the UPI infrastructure. This move is expected to simplify remittances by reducing reliance on traditional money transfer channels and foreign currency.
Ritesh Shukla, CEO of NPCI International Payments, expressed excitement about the partnership with Google Pay and highlighted its potential to propel UPI onto the global stage. He emphasized that the collaboration will streamline foreign transactions for Indian travelers and extend the expertise of operating a successful digital payments ecosystem to other countries. Deeksha Kaushal, Director of Partnerships at Google Pay India, also expressed delight in supporting NPCI International Payments Limited in expanding the reach of UPI to international markets. She described the collaboration as a significant step towards their commitment to making payments simple, safe, and convenient.
Furthermore, the expansion of UPI on a global scale has the potential to erase digital borders and provide foreign merchants access to Indian customers without the need for reliance on foreign currency, credit cards, or forex cards for digital payments. Additionally, India’s UPI has been rapidly expanding its global presence, connecting with countries such as Singapore, France, Sri Lanka, and the UAE. Plans are underway to double the number of countries where UPI is live within the next 12-18 months, according to Ritesh Shukla.
Opinion: This strategic partnership between Google India Digital Services and NPCI marks a significant step towards revolutionizing the way international transactions are conducted. The initiative to expand the reach of UPI globally has the potential to simplify and streamline cross-border transactions, ultimately benefiting users and merchants worldwide.