Google Pay's global leap: UPI goes global with NPCI partnership

Global UPI alliance: Is the era of forex cards coming to an end? Google India Digital Services has entered into a partnership with the National Payments Corporation of India (NPCI) to facilitate the global expansion of the Unified Payments Interface (UPI). The collaboration, formalised through a memorandum of understanding (MoU), aims to achieve three primary objectives. Firstly, it seeks to enhance the use of UPI payments for international travellers, allowing them to conveniently conduct transactions abroad. Secondly, the partnership aims to assist in establishing UPI-like digital payment systems in various countries. Thirdly, it aims to enable cross-border money transfers by leveraging the UPI infrastructure.

Digital borders erased

The MoU is expected to accelerate the global acceptance of UPI, providing foreign merchants access to Indian customers without the need for reliance on foreign currency, credit cards, or forex cards for digital payments. This move aligns with the broader goal of simplifying remittances by reducing dependence on traditional money transfer channels.

Ritesh Shukla, CEO, NPCI International Payments, expressed enthusiasm about the strategic partnership with Google Pay, highlighting its potential to propel UPI onto the global stage. Shukla emphasised that the collaboration will not only streamline foreign transactions for Indian travellers but also extend the knowledge and expertise of operating a successful digital payments ecosystem to other countries. The goal is to create a seamless and more connected international remittance network by expanding UPI's cross-border interoperability feature.

Deeksha Kaushal, Director of Partnerships, Google Pay India, expressed delight in supporting NIPL (NPCI International Payments Limited) in expanding the reach of UPI to international markets. She described the collaboration as a significant step towards their commitment to making payments simple, safe, and convenient.

Worldwide UPI network

Notably India's UPI has been expanding its global presence, connecting with countries such as Singapore, France, Sri Lanka, and the UAE. The UPI facility was initially linked to Singapore's PayNow in February of the previous year, enabling instant cross-border money transfers. Following Singapore, UPI was introduced in France, and later in the UAE and Sri Lanka. Plans are underway to double the number of countries where UPI is live within the next 12-18 months, according to Ritesh Shukla, CEO of NPCI International Payments.