8 months ago
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Soon, you will be able to use the power of Google Pay and UPI across the countries. 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 globe.
Google Pay India and NPCI International Payments Ltd (NIPL), an NPCI subsidiary, signed the MoU to bring instant payments for Indian travelers in other countries. UPI has been among the revolutionizing payments systems in the world with over INR 139 lakh crore worth of UPI transactions made in FY2022-2023 alone.
With the MoU, Indian travelers will be able to use UPI-style digital payment infrastructure. The press release further puts how the MoU can help build the infrastructure needed to support such a colossal undertaking that could ease the process of remittance simplifying cross-border financial exchanges.
Doing this will also make Indian travelers less risk-seeking and more open to foreign merchants as it eliminates or reduces the dependence on credit and forex cards.
Statistically, UPI has become a revolutionary payment system and a perfect example of a population-scale digital infrastructure that could help economies and anyone who could join the infrastructure. UPI recorded a sum of INR 1 lakh crore worth of transactions in FY2017-18 that rose to INR 139 crore in FY2022-23 with a CAGR of 168%.
Google Pay introduced UPI Lite, a lightweight UPI system that doesn’t require any PIN. You can simply load in up to INR 2,000, twice a day, and enjoy seamless transactions up to INR 500. Before you can flick, it was INR 200 per transaction when it was introduced, however, it has now upgraded to INR 500 enabling PIN-free transactions at ease.
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