In order to offer UPI services to its users who are traveling abroad, the American technology giant, Google has decided to join the list of other payment aggregators – PhonePe and Paytm.
Google Pay Joins Global UPI Services
Further, to make this happen, the service provider had collaborated with NPCI Payments International Limited (NPIL) again a subsidiary of the National Payments Corporation of India (NPCI).
With the help of this implementation, the users who are traveling abroad will be able to pay foreign merchants using Google Pay UPI that too in the currency of the respective country.
So, this way it further eliminates the requirement for international cards, be it debit, credit, or forex.
It appears that the Indian government is taking various initiatives in a bid to introduce cross-border real-time money transfers through UPI.
Presently, BHIM UPI QR codes were offering its services in the countries including Singapore, UAE, Mauritius, Nepal, and Bhutan.
Reducing Dependency On Conventional Money Transfer Channels
Now, with this implementation, Google Pay is also joining the list of apps and banks enabling P2P remittances service via UPI.
This would also help in further reducing the dependence on conventional money transfer channels.
These services will be available between India and Singapore, for now.
Besides Google Pay, the users of BHIM, PhonePe, and Paytm apps can avail of this service.
At present, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India offer this service with the help of their respective apps.
More banks are expected to be added to the linkage in future.
“We are also excited about enabling a seamless and more connected international remittance network by further expanding UPI’s cross-border interoperability feature,” said Ritesh Shukla, CEO, NPCI International Payments Limited, in a media report.
Interestingly, this move comes at a time when the NPCI expanded the facility for Indians to receive instant and secure money from Singapore by using major UPI apps and those of popular banks.
In an estimation, the cross-border flow of money between India and Singapore could cross $1 Bn annually.
The total value of UPI transactions surpassed the INR 18 Lakh Cr mark for the first time in December 2023 considering the rising adoption among merchants and users alike.
