Google India Digital Services has partnered with the NPCI (National Payments Corporation of India) in order to expand the UPI (Unified Payments Interface) across the globe. The deal has been sealed with a MoU (memorandum of understanding).
There are three key objectives of the partnership which are listed below –
- Broaden the use of UPI outside India and make convenient transactions abroad
- To assist UPI-like digital payment systems in other countries
- Establishing international money transfers by using UPI infrastructure
It is believed that these objectives will contribute to accelerating the global acceptance of UPI and it will help Indian students are other customers to make digital payments by having an option of using UPI-powered apps like Google Pay.
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How can this move help in simplifying remittances?
The process of remittance would be simplified as it is believed that the MoU will contribute to reducing the dependence on conventional banks and other financial institutions.
Quoting the words of Ritesh Shukla, the CEO of NPCI International Payments “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. We are…enabling a seamless and more connected international remittance network by further expanding UPI’s cross-border interoperability feature”.
Deeksha Kaushal, Director, Partnerships, Google Pay India also contributed to the conversation and said “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.”
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What other countries are going to have UPI Transactions in the future?
Last year in 2022, Indian Prime Minister Narendra Modi during his visit to France introduced UPI from the Eiffel Tower. This enables Indians to make payments in Indian currency while being in France. Apart from France, the UPI facility is active in Singapore, Sri Lanka, and UAE. Now, the instant payment system is yet to be transferred in countries like New Zealand where it may be introduced soon. As per Ritesh Shukla, the UPI is expected to be live in many more countries in the near future.
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