{ UPI global launch, UPI international expansion, Google-NPCI partnership, NPCI global payments partnership, google UPI overseas launch, real-time payments systems abroad }
UPI Global Launch: Google-NPCI partnership to expand UPI globally
Google has signed a strategic partnership with the National Payments Corporation of India (NPCI) to expand the reach of the UPI beyond India. The US tech giant’s payments arm, Google Pay, will collaborate with NPCI International Payments Limited (NIPL) – NPCI’s international subsidiary, to drive large-scale adoption of UPI as an easy, secure and interoperable real-time payments platform globally.
NPCI owns and operates UPI, the trailblazing mobile-based instant real-time payments network that has already clocked over 26 billion transactions just within India to date. This landmark Google-NPCI partnership now intends to replicate UPI’s phenomenal digital payments success in other markets worldwide.
What is UPI? And What is UPI Full Form?
The UPI full form is the Unified Payments Interface. It is a mobile-based instant real-time payment system developed by the National Payments Corporation of India (NPCI).
UPI allows swift transfer of money between any two bank accounts on a mobile platform without entering extensive account details. Users can send or receive money using a UPI ID, UPI PIN and smartphone.
It enables direct bank-to-bank transactions by utilizing Immediate Payment Service infrastructure and works on both smartphones and feature phones through USSD. UPI has revolutionized digital payments in India, recording over 26 billion monthly transactions currently.
Its convenience coupled with robust security has made UPI the most popular payment mode for retail and merchant transactions, outpacing cards, wallets or internet banking. For better understanding let’s also know what is upi id?
What is UPI ID ?
UPI ID, or Unified Payments Interface Identification, is a unique virtual address assigned to users for facilitating seamless and instant money transactions through the UPI (Unified Payments Interface) system.
It typically takes the form of an email-like address, such as example@bankname. Users link their bank accounts to this UPI ID, allowing them to send and receive money with ease. This ID simplifies the process of transactions, eliminating the need for traditional bank account details and making digital payments more convenient.
UPI Global Launch: Growth Milestones Putting India’s UPI in Global Spotlight
Over the last 6 years, UPI has organically evolved into the world’s most prolific real-time digital payments ecosystem recording jaw-dropping growth:
- Monthly Transactions – Crossed 6.28 billion in January 2022 to over 26 billion presently
- Transaction Value – Zoomed from ₹3 trillion per month in 2020 to over ₹12 trillion per month currently
- Merchant Payments – UPI now handles 165+ million merchant payments amounting to over ₹5 trillion total annualized transaction value
- P2P Transfers – 420+ million bank account holders exchanged ₹7 trillion in 2022 via UPI P2P payments
- Financial Inclusion – Facilitated access to digital payments for previously unbanked and underbanked segments
Buoyed by home success, authorities have strategized exporting UPI’s versatile technology model for cross-border payments along with assisting the collaborative creation of interoperable real-time rails.
UPI Global Launch: Objectives of Google Pay – NPCI International Agreement
The signed MoU outlines a trifecta of focus areas for the partners:
1. Expand UPI for Travelers Going Abroad
Indian travellers will soon be able to use BHIM UPI to pay overseas via Google Pay, eliminating forex cards or international payment gateways’ high charges. UPI ID linked to their Indian bank account itself would enable withdrawals or merchant payments abroad via GPR cards.
2. Set Up UPI-like Payment Systems for Other Countries
Google will facilitate NPCI to share UPI’s patented payments model, learnings and cloud-based infrastructure services with interested nations for setting up fast, simple, low-cost and highly interoperable domestic payment platforms.
3. Simplify Cross-Border Remittances Leveraging UPI Rails
Collaboration also aims to ease international money transfers for migrant workers and foreign students via UPI which already allows corridor-wise inward remittances like Singapore-India or UAE-India payments with real-time credits into bank account.
Why Technology Giants & Nations Find UPI Appealing
What drives the rising global allure behind India’s Unified Payments Interface system?
- Runs on Simple Technology – UPI’s genius lies in its elegant technology architecture hinged on workhorse capabilities like virtual payment addressing, 2FA security and direct bank integration
- Interoperability Focus – Being payments network agnostic to the underlying banking or financial ecosystem unlocks seamless orchestration
- Versatile Developer Platform – Open APIs allowed innovation spawning highly successful payment apps like Google Pay, Paytm, PhonePe & others that drove mass adoption
- Modest Infrastructure Needs – UPI leverages existing mobile networks and banking rails as the backbone without needing heavy investments
- Resilient Governance Model – A robust governance framework steered by RBI, IBA and NPCI engendered trust and security vital for integrity
Given UPI’s resounding success powering 34 billion+ transactions already, Google now intends to propel similar real-time mobile payments revolution across geographies like South Asia, the Middle East, Africa and LATAM markets still significantly dependent on cash-bypassing credit card networks’ sway.
UPI Global Launch: Global UPI Play Aligns with India’s Digital Ambitions
Google allying with NPCI to proliferate UPI internationally resonates deeply with India’s global digital payments leadership vision alongside key policy priorities of the Modi government:
1. Showcases India as Emerging Fintech Power
UPI serving as a template for nations keen on digitizing payments cements belief in India’s credentials as a rising fintech power wielding expertise and credibility to solve global problems at scale.
2. Boosts Service Exports & inward Remittances
Cross-border b2b technology consulting or implementation revenues contribute to service export targets while streamlining remittances inflow.
3. Fortifies Rupee Usage and Settlement Overseas
UPI’s global march coupled with the INR trade settlement framework with Russia, UAE bodes well for greater rupee internationalisation, and reduced dollar dependency.
UPI formally venturing overseas after lifting digital payments adoption across Bharat’s spectrum constitutes a seminal point in India’s pursuit of steering global conversations on technology governance and shaping collective advancement aligned to sovereign priorities.
FAQs About Google-NPCI Partnership on UPI
Q1. Who owns and governs UPI platform in India?
A1. Unified Payments Interface is owned and governed by the National Payments Corporation of India (NPCI), an umbrella organization set up in 2008 focused on retail payments system.
Q2. How does UPI work?
A2. UPI allows swift transfer of money between any two bank accounts by using a payment address, UPI PIN and smartphone without entering additional account details. It is built upon the Immediate Payment System infrastructure managing inter-bank transactions.
Q3. How many monthly transactions does UPI handle currently?
A3. As per latest NPCI statistics, Unified Payments Interface powered over 26 billion transactions in December 2022 amounting to ₹5.82 trillion in value.
Q4. Which banks offer UPI service in India?
A4. Currently over 230 banks are live on UPI network allowing customers to link their accounts to UPI apps like Google Pay, Paytm, PhonePe and access instant payments.
Q5. What is NPCI International focused on?
A5. NPCI International Payments Limited is wholly owned subsidiary of NPCI mandated to export UPI technology and replicate real-time payment systems abroad in partnership with third parties.
Q6. Which countries have expressed interest in UPI model?
A6. Countries across South Asia, Middle East and Africa have exhibited interest to learn and collaborate from NPCI-UPI’s resounding success story spanning technology designs to governance principles.
Q7. How does RuPay card work overseas?
A7. Indian travelers can use GPR card powered by RuPay – NPCI’s card network linked to Google Pay allowing cash withdrawal from ATMs or merchant payments abroad via the common UPI app itself.
Final Word for UPI Global Launch
Google’s decision to build upon UPI’s phenomenal success in transforming the payments landscape and taking it abroad underscores India’s maturing stature as a digital public good provider on the world stage.
Collaborative technological leapfrogging showcased here points the way for Global South nations to blend inclusive innovation with pragmatic ideation to build robust foundations serving citizens’ needs on their digital transformation quest.
When homegrown capabilities marry global ambitions keeping national interests at the forefront – magic happens.
Disclaimer :
Content in this article is for informational purposes only. Consult relevant authorities or licensed professionals regarding any legal or financial queries. Our organization Wini Media does not undertake liability for any decisions made based on written material here.
Also Read :
D2M Technology: India’s Upcoming SIM-Free Broadcasting Service
The Unexpected Fat Burning Power Of Ghee, How To Take Ghee For Weight Loss?
Is Ambani’s Empire Burning Down After Massive 56% Profit Wipeout?: Jio Financial Services Q3 Results
Shocking Leak – New Tata Punch EV Specs Exposed Days Before Launch!
