New Delhi: In a strategic step to modernize inward remittances, the Department of Posts (DoP) and NPCI International Payments Limited (NIPL) have signed a Non-Disclosure Agreement (NDA) to enable real-time, secure, and affordable global money transfers to India. This initiative aims to integrate India’s Unified Payments Interface (UPI) with the Universal Postal Union’s (UPU) Interconnection Platform, creating a seamless financial bridge for the Indian diaspora.
Boosting Financial Access with Postal Reach
The collaboration intends to offer an alternative to traditional remittance channels by leveraging the trusted Indian postal network. The integration will allow international remittances to be routed through UPI, backed by UPU’s extensive postal network—particularly benefitting underserved or remote regions where banking services are scarce.
The UPI-UPU fusion is expected to significantly reduce transaction costs, improving accessibility and affordability for Indian workers abroad. The platform ensures secure fund transfers using UPI’s robust encryption and the longstanding credibility of postal systems.
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Real-Time Transfers with National-Scale Impact
One of the core features of the initiative is real-time processing. By using advanced technology embedded within UPI, remittances will now reach beneficiaries instantly. This offers immediate financial relief to families relying on cross-border income flows, improving efficiency and convenience.
Additionally, the move aligns with India’s broader goals of digital inclusion and financial accessibility, ensuring that even the most remote corners of the country are connected to international financial systems.
About the Collaborators
The Department of Posts, under the Ministry of Communications, has long served as a critical vehicle for financial inclusion in India. With over 1.5 lakh post offices across the country, DoP plays a significant role in delivering banking and insurance services to rural populations.
NPCI International Payments Limited (NIPL) is the global arm of the National Payments Corporation of India, which developed and manages UPI—India’s flagship digital payment system that has transformed domestic financial transactions. NIPL aims to take India’s fintech innovations global, and this collaboration marks a significant milestone in that journey.