In a strategic move towards bolstering India’s position in the global digital payment landscape, Google India Digital Services (P) Limited – GPay India has entered into a Memorandum of Understanding ( MoU ) with NPCI International Payments Ltd ( NIPL ), a subsidiary of the National Payments Corporation of India ( NPCI ).
The collaboration aims to extend the transformative impact of Unified Payments Interface ( UPI ) beyond India’s borders.
Objectives of the MoU:
1. Global UPI Payments: The partnership seeks to broaden the use of UPI for international travelers, enabling them to make transactions conveniently abroad.
2. Establishing UPI-like Systems: The MoU intends to assist other countries in establishing UPI-like digital payment systems, serving as a model for seamless financial transactions.
3. Cross-Border Remittances: Focus on simplifying remittances between countries by utilizing the UPI infrastructure, reducing dependence on conventional money transfer channels.
Accelerating Global Acceptance:
The outlined objectives are poised to accelerate UPI’s global acceptance, providing foreign merchants with access to Indian customers. Users will no longer be restricted to foreign currency, credit, or forex cards, as UPI-powered Apps from India, including Google Pay, become viable options for digital payments.
Deeksha Kaushal, Director, Partnerships, Google Pay India, expressed enthusiasm, stating, “We are delighted to support NIPL towards expanding the reach of UPI to international markets. This collaboration is another step towards our commitment to making payments simple, safe, and convenient.”
NIPL CEO’s Perspective:
Ritesh Shukla, CEO of NPCI International Payments Limited, emphasized the strategic nature of the partnership, saying, “This strategic partnership will not only simplify foreign transactions for Indian travelers but will also allow us to extend our knowledge and expertise to other countries. With the success of UPI in a dynamic market like India, we are excited to further our vision to transform the digital payments landscape globally.” NPCI International Payments Limited (NIPL) is the international arm of NPCI, focused on transforming global payments through technology and innovation. Offering technological assistance, consulting, and infrastructure, NIPL aims to enhance payment capabilities worldwide.
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