Google Pay and NPCI signs MoU that brings UPI worldwide

Soon you will be able to use the power of Google Pay and UPI in every country. This comes after Google Pay and the National Payments Corporation of India (NPCI) signed a memorandum of understanding (MoU) that enables UPI transactions on Google Pay across the world.

Google Pay India and NPCI International Payments Ltd (NIPL), a subsidiary of NPCI, have signed the MoU to enable instant payments to Indian travelers in other countries. UPI is among the revolutionary payment systems in the world, with over INR 139 lakh crore worth of UPI transactions carried out in the financial year 2022-23 alone.

Through the MoU, Indian travelers will be able to use UPI-like digital payment infrastructure. The press release further explains how the MoU can help build the infrastructure needed to support such a colossal project that could ease the process of sending remittances by simplifying cross-border financial exchanges.

This will also make Indian travelers less risk-seeking and more open to foreign merchants, as it will eliminate or reduce dependence on credit cards and foreign exchange cards.

Statistically, UPI has become a revolutionary payment system and a perfect example of a population-wide digital infrastructure that could help economies and everyone who could join the infrastructure. UPI recorded a sum of INR 1 lakh crore worth of transactions in FY 2017-18 which reached INR 139 crore in FY 2022-23 with a CAGR of 168%.

Google Pay has introduced UPI Lite, a lightweight UPI system that does not require any PIN. You can simply load up to INR 2,000, twice a day, and enjoy seamless transactions up to INR 500. Before you can flick through, it was INR 200 per transaction when it was introduced, however, it has now increased to INR 500, allowing PIN activation. -free transactions with ease.

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