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India partners Google Pay to take UPI global

India's NPCI is joining forces with Google Pay to bring its hugely popular Unified Payments Interface (UPI) to other countries.

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India partners Google Pay to take UPI global

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Launched in 2016, the UPI has been central to India's efforts to use digital payments to boost financial inclusion and has now handled well over 100 billion transactions.

In 2020, the NPCI set up a subsidiary to push the UPI, as well as the RuPay card network, outside of India. Now, the international arm has inked a memorandum of understanding with Google Pay India designed to accelerate this global expansion of UPI in three ways.

First, it seeks to broaden the use of UPI payments for travellers outside of India, enabling them to make transactions abroad. Second, it intends to assist in establishing UPI-like digital payment systems in other countries. Lastly, it will offer the use of the UPI infrastructure for cross-border remittances.

The NPCI says it wants to provide foreign merchants access to Indian customers who will no longer have to rely on foreign currency or credit or forex cards for making digital payments and will instead have the option of using UPI powered apps from India including Google Pay.

Ritesh Shukla, CEO, NPCI International Payments Limited, says: “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."

Deeksha Kaushal, director, partnerships, Google Pay India, adds: "UPI has demonstrated to the world the step change that happens in economies with the introduction of interoperable, population scale digital infrastructure and each economy that joins such networks will create impact beyond the sum of parts. We are very excited about the scope of this collaboration.”

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Comments: (1)

Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions

A coupla years ago, there was a lot of Kool Aid that Google was showcasing UPI to Fed for USA's A2A RTP, which was then in planning stage. With Fed going ahead with another product for FedNow, that movie didn't end well.  

Hope this new Google-UPI movie has a better ending.

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