In order to increase UPI payments outside of India, Google Pay and NPCI announce a pact

In order to increase UPI payments outside of India, Google Pay and NPCI announce a pact

In order to increase UPI payments outside of India, Google Pay and NPCI announce a pact

The Memorandum of Understanding (MoU) would do away with the requirement for foreign payment gateways or carrying currency by allowing Indian passengers to use Google Pay, often known as GPay, to make payments abroad.

An partnership between NPCI International Payments Limited (NIPL) and Google India Digital Services would facilitate the expansion of UPI payments to nations outside of India.

The Memorandum of Understanding (MoU) would do away with the requirement for foreign payment gateways or carrying currency by allowing Indian passengers to use Google Pay, often known as GPay, to make payments abroad.

"There are three main goals for the MoU. First, it aims to make UPI payments more widely available to tourists outside of India so they may conveniently do business overseas. The second goal of the MoU is to make UPI payments available to tourists visiting other nations. Google Pay said in a statement that the goal is to assist nations in establishing digital payment systems like UPI and provide a model for smooth financial transactions. In the end, it aims to streamline cross-border financial transactions by streamlining the remittance process between nations using the UPI infrastructure."

The goal of the agreement is to streamline cross-border financial transactions by streamlining the remittance process between nations using the UPI infrastructure.

"Through this strategic partnership, we will be able to expand our knowledge and expertise of running a successful digital payments ecosystem to other countries, in addition to making international transactions easier for Indian travelers," said Ritesh Shukla, CEO of NIPL.

The MoU will increase UPI's worldwide reach by giving overseas retailers access to Indian consumers who may now use UPI, which is run out of India, instead of having to depend only on foreign cash and/or credit or foreign currency cards to make digital payments. Using applications will be an option. Including Google Pay. Remittances will become easier as a result of this advancement as it will lessen reliance on conventional money transfer methods.

"UPI has shown the world what transformation can be happening to economies with the establishment of interoperable, population-scale digital infrastructure and how any country that joins such a network can profit from it," said Diksha Kaushal, Director, Partnerships, Google Pay India. will have an effect that goes beyond." of components. "We are extremely enthusiastic about this collaboration's scope.”