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Google Pay partners with NPCI to expand UPI globally

Wednesday 17 January 2024 13:12 CET | News

Google India Digital Services has signed a Memorandum of Understanding (MoU) with NPCI International Payments (NIPL), a subsidiary of NPCI, to expand UPI internationally.

 

Unified Payments Interface (UPI) is a real-time payment system in India, developed by the National Payments Corporation of India (NPCI). It enables instant and secure money transfers between banks through mobile devices, streamlining transactions, and contributing to the widespread adoption of digital payments in the country.

Google India Digital Services has signed a Memorandum of Understanding (MoU) with NPCI International Payments (NIPL), a subsidiary of NPCI, to expand UPI internationally.

The UPI platform has crossed the 100 billion-mark in 2023, totalling around 118 billion transactions throughout 2023. This represents a 60% growth compared to the 74 billion transactions in 2022.

Google India Digital Services and NPCI International Payments (NIPL) have entered into a MoU with the aim of extending the influence of UPI to markets beyond India.

The main focuses of the MoU

The MoU has three key objectives. First, it seeks to broaden the use of UPI payments for travellers outside of India, enabling them to conveniently make transactions abroad.

Second, the MoU intends to assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions.

Lastly, it focuses on easing the process of remittances between countries by utilising the UPI infrastructure, thereby simplifying cross-border financial exchanges, NPCI said in a statement.

The total value of UPI transactions in 2023 stood at approximately USD 2.18 trillion, a 44% increase compared to USD 1.512 trillion in 2022, as per cnbctv18.com.

In December 2023, NPCI announced the launch of an Application Supported by Blocked Amount or ASBA-like facility in the secondary market after getting the go-ahead from SEBI.

The UPI for the secondary market will start its beta phase in early 2024 for the equity cash segment. It will be supported by key stakeholders, including clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers. NPCI stated that in the initial phase, this functionality will be available for a limited set of pilot customers.


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Keywords: UPI, mobile payments, digitalisation, expansion, Google Pay
Categories: Payments & Commerce
Companies: Google, NPCI
Countries: World
This article is part of category

Payments & Commerce

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