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Google Pay strikes MoU to roll out UPI pays globally

Other News Materials 23 January 2024 11:07 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, January 23. Google India Digital Services and NPCI International Payments (NIPL) have signed a memorandum of understanding to extend the impact of UPI to markets outside India, Trend reports.

According to NIPL, the Unified Payments Interface (UPI) is a real-time payment system in India developed by the National Payments Corporation of India (NPCI). It enables instant and secure money transfers between banks through mobile devices, simplifying transactions and promoting widespread digital payments in the country.

It is worth noting that the memorandum of understanding has three basic aims. First, it wants to expand the usage of UPI payments by Indian travelers overseas, allowing them to conduct transactions more easily.

Second, the agreement aims to make it easier to set up UPI-like digital payment systems in other countries, thereby establishing a model for seamless financial transactions.

Finally, it wants to make cross-border financial exchanges easier by facilitating remittances between countries using UPI infrastructure, according to the NPCI.

According to the data, UPI's total transaction value in 2023 was about $2.1 trillion, which is a 44 percent increase from $1.5 trillion in 2022.

Secondary Market UPI will start its beta phase in early 2024 for the cash equities segment. It will be supported by key stakeholders, including clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI application providers.
NPCI stated that this functionality will initially be available to a limited number of pilot customers.

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