Indian travelers will soon be able to use UPI for transactions around the world using Google Pay.
Google India Digital Services and NPCI International Payments Limited (NIPL) have signed a Memorandum of Understanding (MoU) to make this possible.
This agreement will make UPI more widely used globally. People from other countries will now be able to connect with Indian customers who, until now,
could only use foreign currency, credit cards, or foreign currency cards for digital payments. According to a statement from Google Pay, the MoU has three main goals:
- Expanding the use of UPI payments for travelers outside India, making transactions abroad easy for them.
- Assisting other countries in establishing digital payment systems similar to UPI, offering a model for smooth financial transactions.
- Simplifying the process of remittances between countries using UPI infrastructure, making cross-border financial transactions easier.
The CEO of NIPL, Ritesh Shukla, mentioned that this partnership will not only simplify foreign transactions for Indian tourists but will also help implement successful digital payment systems in other countries, providing knowledge and expertise for operation.
He emphasized that the MoU will enhance the global presence of UPI, giving foreign merchants access to Indian customers without depending solely on foreign currency, credit cards, and foreign currency cards for digital payments.
Diksha Kaushal, the India Partnership Director for Google Pay, stated that this collaboration is a step towards making payments simple, secure, and convenient, supporting NIPL in expanding the reach of UPI internationally.
It’s worth noting that UPI transactions set a new record in December 2023, with 1,202 crore transactions and a total value of Rs 18,22,949.45 crore.
UPI simplifies payments by allowing users to create a virtual payment address linked to their bank account, eliminating the need to remember account details.
Transactions can be processed easily using the UPI ID, which can be an email ID, mobile number, or Aadhaar number, making it convenient for various financial activities like utility bill payments, online shopping, and more.
