New Delhi, July 24 India's Department of Posts and NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India, on Thursday announced the signing of a non-disclosure agreement to collaborate on a path-breaking initiative that will provide an affordable and secure channel for the Indian diaspora worldwide to send money back home.
This partnership will leverage the power of the Unified Payments Interface (UPI) and the Universal Postal Union (UPU) Interconnection Platform (IP) to create a seamless, secure, and affordable remittance channel for the Indian diaspora worldwide, according to an official statement.
This collaboration marks a significant step towards modernising cross-border payment services and enhancing financial inclusion for millions of Indians.
The UPI-UPU-IP integration is expected to significantly reduce remittance costs, making it more affordable for Indian workers abroad to send money home.
Leveraging the robust security features of UPI and the trusted reputation of the postal network, this service will ensure secure and reliable transactions for both senders and beneficiaries.
By utilising the global postal network, this initiative also extends the reach of UPI-enabled remittances to regions where traditional banking services may be limited, promoting financial inclusion for a broader segment of the Indian diaspora.
Through the efficient payment processing driven by the real-time system using technology transfers would happen in real time, thus benefiting the families back home.
"We are thrilled to partner with NIPL on this innovative project," said L.K. Dash, Deputy Director General, International Relations and Global Business, Department of Posts. "This collaboration aligns with our commitment to providing accessible and affordable financial services to all citizens, including the Indian diaspora. By leveraging the UPU Interconnection Platform and the UPI network, we are confident that we can create a truly transformative remittance solution."
NIPL chief executive officer Ritesh Shukla said: "NIPL is committed to expanding the reach of UPI globally and enabling seamless cross-border payments. We believe that this partnership with the Department of Posts will unlock significant opportunities for financial inclusion and enhance the remittance experience for millions of Indians worldwide."
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