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

IndianStartupNewsIndianStartupNews · 1y ago
Google Pay India partners with NPCI to expand UPI services beyond India
Medial

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.

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UPI transactions surge 8% in December

EntrackrEntrackr · 6m ago
UPI transactions surge 8% in December
Medial

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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