Google Pay India and NPCI International Payments have signed a Memorandum of Understanding (MoU) to facilitate the expansion of UPI payments outside India.。The partnership aims to strengthen cross-border transactions and reshape global digital payments。

With digital finance taking center stage, the partnership aims to streamline financial transactions for travelers, build seamless payment systems across the globe, and streamline cross-border remittances.。

Deeksha Kaushal, Director of Google Pay India Partnerships, said: "Under the guidance of regulators, Google Pay has been a proud partner to NPCI and the financial ecosystem, and this partnership is another step in our commitment to simple, safe and convenient payments.。"

"UPI shows the world the step-change that happens to economies after the introduction of interoperable, population-scale digital infrastructure, and the impact of each economy joining such networks will exceed the sum of the parts.。

Enhancing Global Trading

The first goal of the MOU is to expand the use of UPI payments by travellers outside India, which ensures that individuals can easily conduct transactions abroad and reduce their dependence on foreign currency, credit cards or foreign exchange cards.。Google Pay India wants to provide a more convenient and friendly payment experience for global travelers。

The second main goal is to assist other countries in establishing UPI-like digital payment systems.。By providing a successful model, Google Pay India and NPCI International aim to contribute to the global adoption of an interoperable, scalable digital infrastructure.。

The third goal is to simplify cross-border payments using UPI infrastructure。By leveraging UPI's capabilities, the partnership aims to reduce reliance on traditional remittance channels and provide more efficient and cost-effective solutions for individuals and businesses engaged in international financial transactions.。

The goals outlined in the MOU will accelerate the global adoption of UPI, providing opportunities for foreign merchants to seamlessly access Indian customers.。The move is in line with NPCI's goal of consolidating India's position in the global digital payments sector.。

Simplify cross-border remittances

In addition, the cooperation between the two sides is expected to greatly simplify remittance procedures and promote the interconnection of international networks.。Google Pay has become a major player in the global digital payments space, report says。

The impact of Google Pay is not limited to convenience, it also plays a pivotal role in closing the global financial inclusion gap。According to the Global Fintex Database, 71% of adults in developing countries will have a bank account by 2021.。

Google Pay started in the United States under the name Android Pay and quickly gained acceptance among Android users.。Its success has made it widely accepted as the first choice for many consumers.。The platform's reach extends across Europe, cementing its position in the UK, Germany, France, Spain and Italy.。