Department of Posts and NPCI International Payments Ltd Sign Agreement for Inward Remittances transfers to India
The Department of Posts and NIPL have signed an NDA to integrate UPI with the Universal Postal Union network, enabling secure, affordable, and real-time remittances for the Indian diaspora worldwide.
DoP and NIPL collaborate to boost secure and affordable global remittances through UPI-UPU integration.
The Department of Posts (DoP), Ministry of Communications, Government of India, and NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India, has signed a Non-Disclosure Agreement (NDA) to collaborate on a groundbreaking initiative that aims to transform inward remittances to India.
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The collaboration 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.
The agreement is a collaborative approach towards easing and catering the cross-border payment services and enhancing financial inclusion for millions of Indians.
The initiative aims to provide a convenient and accessible alternative to traditional remittance methods, reducing costs and improving efficiency for senders and beneficiaries by integrating UPI with the postal network.
Some Key benefits of this collaboration include:
Affordable Remittances: The UPI-UPU-IP integration is expected to significantly reduce remittance costs, making it more affordable for Indian workers abroad to send money home.
Secure Transactions: Leveraging the robust security features of UPI and the trusted reputation of the postal network, this service ensures secure and reliable transactions for both senders and beneficiaries.
Wider Reach and Accessibility: By utilizing the global postal network, this initiative 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.
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Real-Time Transfers: 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.
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