Google India Digital Services and NPCI International Payments have entered into a memorandum of understanding (MoU) to enhance the use of UPI payments for travellers outside of India, assist in establishing UPI-like digital payment systems in other countries, and ease the process of remittances between countries by using the UPI infrastructure.
The collaboration aims to make transactions abroad convenient, enable seamless financial transactions, and simplify cross-border financial exchanges.
“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,” said Ritesh Shukla, CEO, NPCI International Payments Limited.
“We are also excited about enabling a seamless and more connected international remittance network by further expanding UPI’s cross-border interoperability feature,” he added.
The scope of UPI facility has been expanded in recent times. Indians can now receive instant and secure remittances from Singapore directly into their bank accounts using major UPI apps and popular banks. Earlier this month, the National Payments Corporation of India (NPCI) announced that instant settlement is now possible by cross-border connectivity between India’s UPI and Singapore’s PayNow.
The facility is available to users of BHIM, Paytm, and PhonePe apps, as well as those using the apps of Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India. However, the Reserve Bank of India has imposed a daily transfer limit of Rs 60,000 for Indian users.
In 2021-22, India received foreign inward remittances of $89 billion—the highest ever inward remittances received by a country in a single year.
Edited by Swetha Kannan
