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Google Pay India signs MoU with NPCI International to expand UPI Globally

Published on January 19, 2024
Current Context: Google India Digital Services (P) Limited and NPCI International Payments Ltd (NIPL) have indeed signed a Memorandum of Understanding (MoU) to expand the Unified Payments Interface (UPI) globally on 17th January 2024 in New Delhi.
Google Pay India signs MoU with NPCI International to expand UPI Globally
  • The MoU has three key objectives:
    • To broaden the use of UPI payments for travelers outside of India, enabling them to conveniently make transactions abroad.
    • To assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions.
    • To focus on easing the process of remittances between countries by utilizing the UPI infrastructure, thereby simplifying cross-border financial exchanges.
    • This collaboration aims to 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 of 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.

Question:

Q.1 Who signed a Memorandum of Understanding (MoU) to expand the Unified Payments Interface (UPI) globally?
a. Google India Digital Services (P) Limited and NPCI International Payments Ltd (NIPL)
b. Google Pay and Paytm
c. NPCI and Paytm
d. Google Pay and PhonePe

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