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The National Payments Corporation of India has selected Google Pay as part of its strategy to take India’s digital wallet system, the Unified Payments Interface (UPI), to global markets.
The collaboration between Google India Digital Services and NPCI is designed to simplify international payments for Indian travellers and also to assist in the development of UPI-like digital payment infrastructures in other nations.
The move will enable Indian travellers to make payments in other countries via Google Pay (also known as GPay), eliminating the need to carry cash or resort to international payment gateways.
This initiative corresponds with NPCI’s ambition to enhance India’s position in the worldwide digital payment space and to simplify remittances by diminishing dependence on traditional money transfer systems.
“UPI has demonstrated to the world the change that happens in economies with the introduction of interoperable, population-scale digital infrastructure and each economy that joins such networks will create an impact beyond the sum of parts,” says Ritesh Shukla, CEO of NIPL.
The Indian government, under Prime Minister Narendra Modi’s leadership, has been vigorously advocating for UPI’s international expansion.
Last year, in a significant move, India and Singapore merged their systems, enabling real-time monetary transfers. Further collaborations with nations such as Sri Lanka and the United Arab Emirates are currently under exploration.
In November alone, UPI processed transactions worth approximately $209 billion, according to the most recent statistics from India’s central bank.
This new partnership with Google Pay is projected to further extend UPI’s reach and influence in the international digital payments sphere.
“We are delighted to support NIPL towards expanding the reach of UPI to international markets,” comments Deeksha Kaushal, Director, Partnerships, Google Pay India.
“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.”
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