Google Pay announced the beginning of cooperation with the Indian mobile payment system, in the space of which transactions worth several billion dollars are generated monthly.
As part of the implementation of the partnership, the mentioned technology giant’s financial service will contribute to the expansion of the scope of the specified functional platform of India beyond the borders of this country.
Google India Digital Services Pvt. and the National Payments Corporation of India, which is creating a single payment interface for the South Asian state, signed an agreement. This cooperation document provides for the expansion of the geography of the provision of services by launching financial service solutions in other countries. The relevant information was made public by the parties to the partnership on Wednesday, January 17.
One of the main goals of cooperation between the financial service of the technology giant and the Indian payment system is to simplify the procedure for performing relevant operations on an international scale for travelers from a South Asian country.
Also, this partnership will help to create digital payment platforms like UPI. In this case, it implies the development of similar functional systems outside India. UPI combines several bank accounts in one mobile app within a single platform.
Cooperation with Google and the opportunities emerging in the context of this interaction are fully consistent with the efforts of the National Payments Corporation of India to strengthen the position of the South Asian country in the global digital payments market. This partnership will simplify the procedure for making money transfers by reducing dependence on the usual channels of such financial operations.
The government of the current Prime Minister of India, Narendra Modi, has declared its commitment to the implementation of UPI at the global level. Last year, this country and Singapore linked their systems to provide real-time money transfers. India is also considering the possibility of cooperation in the sphere of financial services with other countries, including Sri Lanka and the United Arab Emirates. So far, there is no information about when cooperation with these states may begin.
Data from the central bank of India indicates that transactions totaling 17.4 trillion rupees ($209 billion) were made on the UPI platform in November.
Deeksha Kaushal, Director, Partnerships, Google Pay India, says that this company is pleased to support efforts to expand the coverage of the mentioned platform in international markets, noting that cooperation is another step towards realizing the desire to make payments safe, convenient, and simple. She also stated that UPI demonstrated to the international community the transformations that are taking place in economic spaces as a result of the introduction of a compatible digital infrastructure on a population scale. According to her, each economy, becoming a part of such functional networks, begins to have a greater impact than the sum of its components.
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