Google Pay India Partners with NPCI International to Expand UPI Payments
Google Pay India partners with NPCI to expand UPI payments
By: Jared Kirui
Google Pay India and NPCI International Payments have signed a memorandum of understanding to expand UPI payments beyond India’s borders. This partnership aims to transform cross-border global digital payments and transactions.
How digital collaboration puts finances at the forefront. The aim is to streamline cross-border payments, create seamless payment systems worldwide and simplify financial transactions.
Deeksha Kaushal is Director of Partnerships at Google Pay India and was mentioned as, “Google Pay is a proud, willing and capable payment system.” NPCI works with the financial ecosystem subject to the regulator. This collaboration is another step in our commitment to making payments easy, secure and convenient. “Achieve an impact that exceeds the sum of its parts.”
Improving global transactions
The first objective of the MoU was to expand the use of payments via UPI to travelers outside India. Google Pay India aims to provide a more convenient and accessible payment experience for travelers worldwide.
Secondly, we want to help other countries in setting up digital payment systems similar to UPI.
Third objective: simplification. UPI’s infrastructure enables cross-border payments. The aim of the collaboration is to reduce dependence on traditional currency transfer channels and make them more cost-effective and efficient for individuals and companies involved in international financial transactions.
The stated objectives of the MoU are to accelerate the adoption of UPI on a global scale and provide new opportunities to foreign merchants in India. This is in line with NPCI’s aim to strengthen India’s position as a global leader in digital payments.
Streamlining cross-border transfers
The collaboration is also expected to improve the quality of life of all involved. Transfers are made easier and the international community becomes more connected. According to a report published by AskFX, Google Pay is now a major player in the digital payments industry.
Google Pay is more than just a convenience. The role of the financial sector in closing the global inclusion gap is critical. According to the Global Fintex Database, by 2021, 71% of adults in developing countries will have a bank account.
Google Pay was launched in the United States. Android Pay is becoming increasingly popular among Android users. Its success has led to it becoming a popular product. The platform expanded its reach to various European countries and consolidated its position. The UK, Germany, France, Spain and Italy are all represented.
