Google Pay, the second largest payments app in India has signed a MoU with the National Payments Corporation of India (NPCI) to expand operations of UPI in international markets. India ranks first in the world for the volume of real-time digital payments.
The MoU will help Google and NPCI deploy UPI-like payment services globally. Currently, UPI is officially available in over ten nations which includes France, Australia, Singapore, UAE, Saudi Arabia, Oman, Nepal, Bhutan, Sri Lanka, and others.
Google Play and NCPI Agreement Explained
There are three main objectives of the agreement between the two parties. The first aim is to increase the availability of UPI payments for travellers outside of India. The second motive is to develop digital payment infrastructure in countries other than India. The third objective focuses on easing the process of international remittances between any two nations by utilizing the UPI framework.
This means that citizens will be able to send and receive any foreign currency using UPI. As of now, this facility is already available in select nations that have partnered with the Government of India. For example, Indian travellers can make UPI payments in Singapore, where money is deducted in Indian Rupees, but the payment is transferred to the merchant in Singaporean Dollars.
When UPI expands to other nations, this feature is expected to be compatible with most leading global currencies. The MoU signed between NPCI and Google Pay will help boost the global expansion of UPI in foreign nations.
Several European nations have embraced UPI and its game-changing potential. Countries like France have shown their interest in developing a real-time payment infrastructure similar to UPI. The United Arab Emirates has also explored ways to expand support for India’s RuPay Cards, in addition to UPI.
