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Google Pay and NPCI International Payments on Wednesday signed an agreement to expand the scope of Unified Payments Interface ( UPI) payments outside India.
It will enable Indian travellers to transact digitally abroad while establishing systems similar to UPI in other countries. The memorandum of understanding (MoU) was signed at a time when India is simplifying cross-border digital payments by using the UPI’s rails to enable remittances between countries.
Google Pay said the move will enable foreign merchants to access Indian customers. Such customers will be able to make payments using UPI-powered apps from India without requiring to rely on foreign currency, credit or forex cards.
“We are delighted to support NIPL (NPCI International Payments) towards expanding the reach of UPI to international markets. Google Pay has been a proud and willing collaborator to NPCI and the financial ecosystem, under the regulator’s guidance, and this collaboration is another step towards our commitment to making payments simple, safe and convenient,” said Deeksha Kaushal, director, partnerships, Google Pay India.
“We are pleased to team up with Google Pay to propel UPI onto the global stage. 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, chief executive officer of NIPL.
In July 2023, NPCI signed an MoU with France's Lyra for UPI and Rupay cards being accepted in the European country.
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Bhutan, Nepal, United Arab Emirates and Canada have also accepted UPI as a payment mechanism.
Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India provide international functionality for UPI through their apps.
