24, February, 2024
HomeIndiaGoogle Collaborates with NPCI to Propel UPI Globally and Pioneer International Payment Systems

Google Collaborates with NPCI to Propel UPI Globally and Pioneer International Payment Systems

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In a strategic move, Google India Digital Services Pvt and the National Payments Corporation of India (NPCI) have forged an agreement to extend their services beyond the borders of India. Alphabet Inc.’s Google Pay, a major player in India’s mobile-based payments system, is set to leverage the vast transaction volume it generates every month to expand its services internationally.

Read Also | Demystifying Recent Changes in UPI Transaction Rules for Users

The accord, announced on Wednesday, solidifies the collaboration between Google India Digital Services Pvt and NPCI, the entity behind India’s Unified Payments Interface (UPI). The primary objective is to facilitate international payments for Indian travelers and lay the groundwork for UPI-inspired digital payment ecosystems in other countries.

In line with NPCI’s commitment to enhancing India’s standing in the global digital payment landscape, this partnership aims to streamline remittances by reducing reliance on traditional money transfer channels.

The initiative aligns with Prime Minister Narendra Modi’s government’s explicit goal of globalizing UPI. Recent collaborations between India and Singapore resulted in the interlinking of their systems for real-time money transfers, and similar arrangements are being explored with nations such as Sri Lanka and the United Arab Emirates.

Read Also |  A Guide to Recovering Lost Money in UPI or Banking Fraud

Highlighting the UPI platform’s robust performance, recent data from the Reserve Bank of India reveals transactions amounting to ₹17.4 trillion ($209 billion) in November alone. This collaboration between Google and NPCI is poised to play a pivotal role in advancing the reach and impact of India’s digital payment ecosystem on the global stage.

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