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Google Pay India partners with NPCI to expand UPI services beyond India

IndianStartupNews

IndianStartupNews · 1y ago

Google Pay India partners with NPCI to expand UPI services beyond India

Google India Digital Services and NPCI International Payments Ltd (NIPL) have signed an MoU to extend the reach of the Unified Payments Interface (UPI) globally. This partnership aims to enable Indian travelers to use UPI payments abroad, establish UPI-like systems in other countries, and simplify international remittances through UPI infrastructure. The collaboration will accelerate the global acceptance of UPI, providing foreign merchants access to Indian customers and simplifying remittances. Google Pay India expressed its commitment to making payments simple, safe, and convenient through this collaboration. UPI has demonstrated significant growth in India, accounting for 62% of digital payment transactions.

Related News

Google Pay India signs pact with NPCI for global expansion of UPI

Economic Times

Economic Times · 1y ago

Google Pay India signs pact with NPCI for global expansion of UPI

Google India's digital payment service, Google Pay, has signed a Memorandum of Understanding (MoU) with NPCI International Payments Limited (NIPL) to expand the reach of UPI (Unified Payments Interface) to countries outside India. The collaboration aims to enable UPI-like digital payment systems in other countries, facilitate UPI payments for international travelers, and simplify cross-border financial exchanges. This partnership will help accelerate the global acceptance of UPI and provide foreign merchants access to Indian customers through UPI-powered apps like Google Pay.

Indian tourists may soon be able to use UPI with Google Pay across the globe - StartupNews.fyi

Startup News FYI

Startup News FYI · 1y ago

Indian tourists may soon be able to use UPI with Google Pay across the globe - StartupNews.fyi

Google India Digital Services and NPCI International Payments Ltd (NIPL) have signed an MoU to expand the reach of UPI payments internationally. This collaboration will enable Indian tourists to use UPI with Google Pay globally, simplifying transactions abroad. It aims to establish UPI-like payment systems in other countries and facilitate remittances between nations. This move will enhance UPI's global acceptance and provide foreign merchants with access to Indian customers via UPI-powered apps, reducing reliance on foreign currency or credit cards. The expansion of UPI represents a transformative step in international commerce.

India scrambles to curb PhonePe and Google's dominance in mobile payments

TechCrunch · 1y ago

India scrambles to curb PhonePe and Google's dominance in mobile payments

The National Payments Corporation of India (NPCI) will engage with various fintech startups to address the market dominance of PhonePe and Google Pay in India's Unified Payments Interface (UPI) ecosystem. NPCI executives will meet with companies like CRED, Flipkart, Fampay, and Amazon to discuss initiatives to boost UPI transactions on their apps. The move comes amid concerns over the concentration of UPI transactions by PhonePe and Google Pay, which account for 86% of the volume. The RBI is considering an incentive plan to promote competition in the UPI space.

Flipkart’s UPI Hits Record 5 Mn Transactions In March

Inc42 · 1y ago

Flipkart’s UPI Hits Record 5 Mn Transactions In March

In March, Google Pay and PhonePe, two of the leading UPI transaction platforms in India, processed 5 billion transactions worth INR 7 lakh crore and 6.5 billion transactions worth INR 10 lakh crore respectively. Flipkart, backed by Walmart, saw 5 million UPI transactions worth INR 197.24 crore in its first month of launching UPI services. Flipkart's UPI transactions were higher than those of Jio Payments Bank apps and other banking apps, according to NPCI data. The total UPI transactions volume for March was around 13 billion. Google Pay, PhonePe, Paytm, CRED, and Amazon Pay continue to dominate the UPI landscape.

NPCI introduces credit, NFC-based payments to scale UPI service

Economic Times

Economic Times · 1y ago

NPCI introduces credit, NFC-based payments to scale UPI service

The National Payments Corporation of India (NPCI) has introduced several new products and features for its Unified Payments Interface (UPI) network to enhance digital inclusivity. These offerings include a credit line on UPI, UPI Lite X for offline payments, a near-field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI, and conversational bill payments with BillPay Connect. The move comes as NPCI aims to scale the UPI infrastructure to handle 100 billion monthly transactions. The credit line on UPI feature will be initially launched by Paytm, Google Pay, and HDFC PayZapp.

Amazon Pay Eyes Roll Out Of Credit On UPI In Partnership With NPCI

Inc42 · 1y ago

Amazon Pay Eyes Roll Out Of Credit On UPI In Partnership With NPCI

Amazon Pay India is collaborating with the National Payments Corporation of India (NPCI) to introduce credit services to customers through the Unified Payments Interface (UPI). The company's whole-time director, Vikas Bansal, said that offering credit on UPI is one of their objectives to enhance customer experience. This move follows the approval granted by the Reserve Bank of India (RBI) for Amazon's fintech arm to operate as a payments aggregator. By providing credit on UPI, Amazon Pay aims to increase its revenue and expand its digital payments offerings.

UPI hit by another outage, thousands of users report issues in payments

Economic Times

Economic Times · 3m ago

UPI hit by another outage, thousands of users report issues in payments

The Unified Payments Interface (UPI) experienced a significant service disruption, impacting thousands of users who faced difficulties in completing payments and fund transfers. Digital payment systems like Google Pay were also affected, with complaints exceeding 1,000. This outage follows two recent UPI disruptions, causing nationwide transaction issues. The National Payments Corporation of India (NPCI), responsible for UPI, acknowledged the "intermittent technical issue" and confirmed that services have been restored.

NPCI curbs on unauthorised use of UPI IDs by fintech companies

Economic Times

Economic Times · 9m ago

NPCI curbs on unauthorised use of UPI IDs by fintech companies

The National Payments Corporation of India (NPCI) has instructed fintech firms to halt unauthorised use of virtual IDs for activities beyond payments and settlements on the Unified Payments Interface (UPI) platform. Some businesses had been using UPI IDs to verify users, which is not authorised by NPCI and the Reserve Bank of India. NPCI warned that any violation of guidelines would result in penalties or cessation of UPI services. Fintechs, including identity verification platforms and payment aggregators, have been using UPI APIs to authenticate users and build customer profiles.

NPCI extends proposed 30% UPI market share cap deadline by another two years

Economic Times

Economic Times · 6m ago

NPCI extends proposed 30% UPI market share cap deadline by another two years

The National Payments Corporation of India (NPCI) has extended the deadline for implementing a 30% market share cap on each Unified Payments Interface (UPI) player by two years, now set for December 31, 2026. This extension aims to ensure continued growth in UPI adoption without disrupting current market dynamics. The decision provides leading players like PhonePe and Google Pay—who hold around 90% market share—additional time for compliance. WhatsApp Pay has also been allowed to expand its user base.

UPI transactions surge 8% in December

Entrackr

Entrackr · 6m ago

UPI transactions surge 8% in December

UPI transactions surge 8% in December Unified Payments Interface (UPI) recorded 16.73 billion transactions worth Rs 23.25 lakh crore in December, marking an 8% increase in volume and a 7.88% rise in value compared to November. On a year-on-year basis, this reflects a 39% year-on-year (YoY) growth in volume and a 28% increase in value, according to data released by NPCI (The National Payments Corporation of India). The average daily transaction count for December was 540 million, with a total daily transaction value of Rs 74,990 crore. In November, the daily average transaction count was 516 million, with a daily transaction value of Rs 71,840 crore. This upward trend continued from October 2024, when UPI processed 16.58 billion transactions worth Rs 23.50 lakh crore. PhonePe currently leads the UPI market with nearly 48% share by transaction volume, followed by Google Pay at 37% and Paytm at 7%. The market share is unlikely to change as NPCI has extended the compliance timeline for Third Party App Providers (TPAPs) exceeding the volume cap in UPI. The deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to extend UPI services to its entire user base across the country. Currently, UPI payments are accepted in seven countries, including Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France. According to media reports, NPCI is working to expand its services to Qatar, Thailand, and the broader Southeast Asian region.

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