India introduced a new payment integration in Dubai, linking its Unified Payments Interface (UPI) to the Universal Postal Union's (UPU) Interconnection Platform to ease cross-border remittances.
The system is anticipated to help millions of Indian expatriates living in the UAE, the second-largest remittance corridor to India, by providing speedier, more affordable, and more secure channels for remittances to India. The system was developed collaboratively by India's Department of Posts, NPCI International Payments Limited, and the UPU, merging the extensive coverage of the worldwide postal network with the efficiency of UPI.
Union Minister Jyotiraditya Scindia said the project demonstrates how public digital infrastructure can be carried beyond borders. "The speed of UPI complemented with the reliability of the postal network means families with connections across borders can send money safer, faster, and much cheaper," he said.
India also announced a $10 million commitment to strengthen global postal technology, focusing on e-commerce and digital financial services. Scindia confirmed New Delhi’s bid for two key UPU councils, underscoring India’s ambition to lead in shaping global digital finance.
For Indian citizens in the UAE, the integration holds the promise of lower remittance charges, higher transparency, and better access, particularly for migrant workers and small enterprises. The system is ready to usher in a new age of cheap cross-border remittances with India Post Payments Bank already linked to over 560 million accounts.
Comments 0
No comments yet. Be the first to share your thoughts.
Leave a comment
Your email is never published. All fields are required.