Google India Digital Providers and NPCI Worldwide Funds (NIPL), a subsidiary of the Nationwide Funds Company of India (NPCI), purpose to supply Indian customers with extra flexibility in making digital funds abroad.

This collaboration, formalised by way of a Memorandum of Understanding (MoU), seeks to increase the Unified Funds Interface (UPI) past India.

It seeks to allow Indian customers to make use of UPI-enabled apps like Google Pay to cut back their reliance on overseas foreign money, credit score, or foreign exchange playing cards sooner or later.

This settlement focuses on three most important targets; enabling UPI funds for Indian vacationers overseas, aiding within the creation of UPI-based digital cost methods in different international locations, and facilitating worldwide remittances by way of UPI infrastructure.

This partnership is poised to reinforce UPI’s worldwide acceptance, providing Indian customers a substitute for conventional cost strategies whereas touring.

Deeksha Kaushal

Deeksha Kaushal, Director, Partnerships, Google Pay India mentioned,

“Google Pay has been a proud and keen collaborator to NPCI and the monetary ecosystem, beneath the regulator’s steering, and this collaboration is one other step in the direction of our dedication to creating funds easy, protected and handy.

UPI has demonstrated to the world the step change that occurs in economies with the introduction of interoperable, inhabitants scale digital infrastructure and every economic system that joins such networks will create influence past the sum of components.”

Ritesh Shukla

Ritesh Shukla, CEO – NPCI Worldwide Funds Restricted (NIPL), mentioned,

“We’re happy to workforce up with Google Pay to propel UPI onto the worldwide stage. This strategic partnership is not going to solely simplify overseas transactions for Indian vacationers however can even permit us to increase our information and experience of working a profitable digital funds ecosystem to different international locations.

 

We’re additionally enthusiastic about enabling a seamless and extra related worldwide remittance community by additional increasing UPI’s cross-border interoperability function. With the success of UPI in a dynamic market like India we’re excited to additional our imaginative and prescient to rework the digital funds panorama globally.”

Featured picture credit score: Edited from Freepik