Google Pay to Globalize UPI, Aiding Establishment of Similar Payment Systems Abroad

Google Pay, under Alphabet Inc.’s Google India Digital Services Pvt, has entered into a partnership with the National Payments Corporation of India (NPCI) to extend its services beyond India. The collaboration aims to leverage India’s Unified Payments Interface (UPI) and make international payments more convenient for Indian travelers. Additionally, the partnership will assist in establishing UPI-like digital payment systems in other countries.

The agreement aligns with NPCI’s efforts to strengthen India’s position in the global digital payment landscape. The collaboration is expected to simplify remittances by reducing reliance on traditional money transfer channels. India’s Prime Minister Narendra Modi’s government has expressed ambitions to globalize UPI, with previous link-ups with countries like Singapore for real-time money transfers. Explorations for collaborations with other nations, including Sri Lanka and the United Arab Emirates, have also been reported.

As of November, the UPI platform recorded transactions amounting to ₹17.4 trillion ($209 billion), according to the latest data from the Reserve Bank of India. The collaboration between Google Pay and NPCI is poised to contribute to the further internationalization of India’s digital payment systems.