Financial service provider NPCI International Payments Ltd (NIPL) signed a memorandum of understanding (MoU) with Indian-grown Google Pay on Wednesday, to expand the impact of unified payments interface (UPI) worldwide and to reduce the dependency on conventional money transfer channels by simplifying remittances.
The firm said through this collaboration, it aims to broaden the use of UPI payments for travellers outside of India, enabling them to conveniently make transactions abroad as well as to assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions.
It focuses on easing the process of remittances between countries by utilizing the UPI infrastructure, in this manner simplifying cross-border financial exchanges, said the firm.
NPCI International said it is looking for a global adaptation of UPI along with facilitating overseas merchant connectivity with Indian consumers, which will lead to the elimination of dependency on foreign currency, credit cards, and forex cards for digital transactions.
“Google Pay has been a proud and willing collaborator to NPCI and the financial ecosystem, under the regulator’s guidance, and this collaboration is another step towards our commitment to making payments simple, safe and convenient,” said Deeksha Kaushal Director of Financial Services and Banking Partnerships at Google Pay.
NPCI International Payments Ltd (NIPL) is a wholly owned subsidiary of the National Payments Corporation of India (NPCI) to globalize NPCI’s service, innovation, and technology in payment methods.
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