Alphabet Inc.’s Google Pay is teaming up with the National Payments Corporation of India (NPCI) to propel India’s innovative mobile payment system, the Unified Payments Interface (UPI), onto the global stage.
The collaboration between Google India Digital Services and NPCI aims to streamline international payments for Indian travelers and contribute to the establishment of UPI-like digital payment infrastructures in other countries. This aligns with NPCI’s goal to elevate India’s standing in the global digital payment arena and simplify remittances by reducing reliance on traditional money transfer systems.
Ritesh Shukla, CEO of NIPL, expressed excitement about the potential of this partnership, stating, “UPI has demonstrated to the world the change that happens in economies with the introduction of interoperable, population-scale digital infrastructure, and each economy that joins such networks will create an impact beyond the sum of parts.”
Under the leadership of Prime Minister Narendra Modi, the Indian government has actively promoted the international expansion of UPI. In a significant move last year, India and Singapore merged their systems, enabling real-time monetary transfers. Ongoing explorations for collaborations with countries like Sri Lanka and the United Arab Emirates are indicative of India’s commitment to expanding UPI’s global reach.
According to recent statistics from India’s central bank, in November alone, UPI processed transactions worth approximately $209 billion. The new partnership with Google Pay is expected to further amplify UPI’s reach and influence in the international digital payments sphere.
Google Pay’s alliance with NPCI marks a strategic move to propel UPI onto the global stage, benefiting Indian travelers with simplified international payments and aiding the development of similar digital payment infrastructures worldwide. The enthusiasm expressed by NIPL’s CEO underscores the transformative potential of interoperable digital infrastructure, while the Indian government’s initiatives, under Prime Minister Modi’s leadership, continue to drive UPI’s international expansion. The impressive transaction volumes in November highlight UPI’s current significance, with the collaboration set to enhance its impact in the global digital payments landscape.