New Delhi: Google India Digital Services and NPCI International Payments Limited (NIPL) have signed a Memorandum of Understanding (MoU) to develop the influence of Unified Payments Interface (UPI) for worldwide funds past India. Notably, NIPL is a wholly-owned subsidiary of the National Payments Corporation of India, whereas UPI is the moment fee system extensively used within the nation.
The three key aims of the MoU are as follows
First on the record is to develop the adoption of UPI funds past India, specializing in facilitating transactions for worldwide travellers. Second, this pact will introduce UPI-inspired digital fee methods past India, serving as a blueprint for easy monetary interactions. Third on the record is to streamline cross-border monetary exchanges, making transactions smoother and extra accessible on a world scale.
On a bigger scale, the MoU goals to ease doing business and making funds for Indian travellers and folks from different international locations who’re coming to India. According to Google, the worth processed through UPI funds in 2023 stood at Rs. 167 lakh crores. (Also Read: Business Success Story: Introducing Nitin Saluja, An IIT Graduate Who Established A Tea Brand Worth Rs 2051 Crore)
Deeksha Kaushal, Director of Partnerships at Google Pay India, asserted, “We are delighted to help NIPL in increasing the attain of UPI to worldwide markets. Google Pay has been a proud and keen collaborator with NPCI and the monetary ecosystem, underneath the regulator’s steerage, and this collaboration is one other step in the direction of our dedication to creating funds easy, protected, and handy.
Adding additional, she talked about, “UPI has demonstrated to the world the step 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 its parts. We are very excited about the scope of this collaboration.” (Also Read: Interim Budget 2024: Gold Linked Credit Line Via UPI Can Monetise Idle Gold Jewellery, Says Muthoot Finance MD)
Moreover, Ritesh Shukla, NIPL CEO, stated, “We are pleased to team up with Google Pay to propel UPI onto the global stage. This strategic partnership will not only simplify foreign transactions for Indian travelers but will also allow us to extend our knowledge and expertise of operating a successful digital payments ecosystem to other countries.”
To recall, Google Pay launched a UPI Lite function on its platform that permits small-value digital funds with only one faucet.
Source: zeenews.india.com
