UPI payments to cross country's border
The deal focuses on easing the process of remittances between countries by utilising the UPI infrastructure, thereby simplifying cross-border financial exchanges.
New Delhi: UPI Google India Digital Services and NPCI International Payments Ltd (NIPL) have signed an agreement that will help expand UPI payments to countries outside India.
The memorandum of understanding (MoU) will enable Indian travellers to make payments in other countries via Google Pay (also known as GPay), eliminating the need to carry cash or resort to international payment gateways.
"The MoU has three key objectives. First, it seeks to broaden the use of UPI payments for travellers outside of India, enabling them to conveniently make transactions abroad. Second, the MoU intends to assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions. Lastly, it focuses on easing the process of remittances between countries by utilizing the UPI infrastructure, thereby simplifying cross-border financial exchanges," Google Pay said in a statement.
The deal focuses on easing the process of remittances between countries by utilising the UPI infrastructure, thereby simplifying cross-border financial exchanges.
"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, CEO, NIPL.
The MoU will strengthen UPI's global presence, providing foreign merchants access to Indian customers who will no longer have to rely only on foreign currency and/or, credit or forex cards for making digital payments and will have the option of using UPI powered apps from India including Google Pay. This development will also aid in simplifying remittances by reducing dependence on conventional money transfer channels.
Deeksha Kaushal, Director, Partnerships, Google Pay India, said, "UPI has demonstrated to the world the step change that happens in economies with the introduction of interoperable, population scale digital infrastructure and each economy that joins such networks will create impact beyond the sum of parts. We are very excited about the scope of this collaboration.