Tag: International Transactions

Highlights Google Pay collaborates with NPCI to expand UPI for international transactions. The partnership aims to establish UPI-like systems in other countries. Focus on simplifying cross-border remittances using UPI infrastructure. MoU sets stage for UPI's transformation into a global digital payment system. Google Pay has partnered with the NPCI to expand the Unified Payments Interface UPI globally. This initiative, marked by the signing of a MoU between Google Pay and NPCI International Payments Ltd (NIPL), a subsidiary of NPCI, aims to transform the landscape of international digital payments. Google Pay and NPCI Collaboration Google Pay and NPCI Collaboration The collaboration between Google Pay and NPCI is a strategic step to enhance the availability of UPI payments for travellers outside India, allowing them to make transactions abroad conveniently. This move is also geared towards establishing UPI-like digital payment systems in other countries, serving as a model for seamless financial transactions globally. Furthermore, the partnership is focused on simplifying the process of remittances between countries by utilizing the UPI infrastructure, thereby easing cross-border financial exchanges. Google Pay MoU Objectives Google Pay MoU Objectives The MoU has three key objectives. The first is to broaden the use of UPI payments for travellers outside of India, enabling them to conveniently make transactions abroad. This will not only simplify foreign transactions for Indian travellers but also provide a seamless and more connected international remittance network. The second objective is to assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions. This is a transformative step in international commerce, enabling a secure, and cost-effective payment experience for both merchants and customers worldwide. The third objective focuses on easing the process of remittances between countries by utilizing the UPI infrastructure, thereby simplifying cross-border financial exchanges. This will further enhance the interoperability feature of UPI, making it a truly global digital payment system. This collaboration between Google Pay India and NPCI International is a testament to the success of UPI in a dynamic market like India. Success of UPI in a Dynamic Market like India UPI has demonstrated to the world the step change that happens in economies with the introduction of interoperable, population-scale digital infrastructure. However, till now it has not been specified which all countries will be participating in this collaboration. Deeksha Kaushal, Director, Partnerships, Google Pay India said, “We are delighted to support NIPL towards expanding the reach of UPI to international markets. 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. 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 impact beyond the sum of parts. We are very excited about the scope of this collaboration.” UPI's Transformation into a Global Digital Payment System Ritesh Shukla, CEO – NPCI International Payments Limited (NIPL), said, “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 travellers but will also allow us to extend our knowledge and expertise of operating a successful digital payments ecosystem to other countries. We are also excited about enabling a seamless and more connected international remittance network by further expanding UPI’s cross-border interoperability feature. With the success of UPI in a dynamic market like India we are excited to further our vision to transform the digital payments landscape globally. The global expansion of UPI under this partnership represents a transformative step in international commerce. With UPI's success in a dynamic market like India, the expansion of this digital payments landscape globally is poised to have a significant impact beyond the sum of its parts. Google Pay and NPCI Partner to Take UPI Global FAQs What is the significance of the partnership between Google Pay and NPCI? The partnership between Google Pay and NPCI International Payments Ltd (NIPL) is a strategic move to expand UPI's reach globally. This collaboration aims to make UPI payments accessible to travelers outside India, easing transactions abroad and establishing similar digital payment systems in other countries. How will the Google Pay and NPCI collaboration benefit international travelers? The collaboration will enable international travelers, especially those from India, to make convenient transactions abroad using UPI. This simplifies the payment process for them in foreign countries, making cross-border transactions seamless and hassle-free. What are the goals of the MoU signed between Google Pay and NPCI? The MoU focuses on three primary goals: expanding UPI use for travelers abroad, assisting in creating UPI-like digital payment systems in other countries, and easing the process of international remittances through UPI infrastructure. This collaboration will lead to a more interconnected and efficient global remittance network. How will the expansion of UPI globally impact digital payments? The global expansion of UPI under the partnership of Google Pay and NPCI is expected to revolutionize digital payments internationally. It aims to provide a seamless, secure, and cost-effective payment experience globally, enhancing the interoperability of digital payments across borders. Google Pay India signs MoU with NPCI International for Global Expansion of UPI. Details ? Google India Digital Services (P) Limited and NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI) have signed a Memorandum of Understanding (MoU) to expand the transformative impact of UPI to countries beyond India. The MoU has three key objectives. First, it seeks to broaden the use of UPI payments for travelers outside of India, enabling them to conveniently make transactions abroad. Second, the MoU intends to assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions. Lastly, it focuses on easing the process of remittances between countries by utilizing the UPI infrastructure, thereby simplifying cross-border financial exchanges. The outlined objectives will help accelerate UPI's global acceptance, providing foreign merchants access to Indian customers who will no longer have to rely only on foreign currency and/or, credit or forex cards for making digital payments and will have the option using UPI powered Apps from India including Google Pay. This is in alignment with NPCI’s endeavor of bolstering India’s position in the global digital payment landscape. Moreover, the MoU will also significantly contribute to simplifying remittances by reducing dependence on conventional money transfer channels. The global expansion of UPI represents a transformative step in international commerce, enabling a seamless, secure, and cost-effective payment experience for both merchants and customers worldwide. Google Pay gets Aadhaar-based authentication support for UPI: How to use it Google has announced that its mobile payment service Google Pay now supports Aadhaar-based authentication for UPI activation. Users can now register for UPI using Aadhaar via National Payments Corporation of India (NPCI) and will be able to set their UPI PIN without a debit card. This feature is now available to bank account holders of select banks and the company said that more banks are expected to follow very soon. As UPI becomes accessible to more users, the new functionality is expected to help many more users set up UPI IDs and enable them to make digital payments. How to use Aadhaar for UPI activation? Users who want to onboard UPI via Aadhaar are required to have: * Their phone number registered with UIDAI and bank are the same, and * Their bank account is Aadhaar linked. Once they have done this, they can follow the steps below for onboarding: * On Google Pay, users have the option to select between Debit card or Aadhaar based UPI onboarding. * When they select Aadhaar, then users will need to enter the first six digits of their Aadhaar number to initiate the process. * In order to complete the authentication step, users will enter OTPs received from UIDAI and their bank. * Subsequently, their respective bank will complete the process and they can set their UPI PIN. * Customers will then be able to use Google Pay app to make transactions or check balance. Once a user enters the first six digits of an Aadhaar number, it is sent to UIDAI via NPCI for validation to ensure the safety of users’ Aadhaar number. “The Aadhaar-based onboarding facility on UPI is provided to make it available to a greater number of users and further financial inclusion,” Google said. As per the data by Unique Identification Authority of India (UIDAI), over 99.9% of the adult population in India have an Aadhaar number and use it at least once a month. “We are thrilled to announce UPI activation using Aadhaar-based OTP authentication on Google Pay, bringing simplicity and convenience to our users,” said Sharath Bulusu, director of product management from Google. Aligned with the Government’s vision to drive financial inclusion, this feature will further strengthen our efforts to drive deeper penetration for digital payments in India,” Bulusu added. The company also said that Google Pay does not store the Aadhaar number and acts as a facilitator in sharing the Aadhaar number with the NPCI for validation. Also Read: Google Pay introduces UPI LITE to help users enjoy the benefits of faster small value transactions Also Read: Google Pay now supports Aadhaar-based UPI activation: Here’s How you can set your UPI PIN without a debit card Also Read: Google Pay error accidentally sends out free money to some random Pixel users

Tag: International Transactions

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