UPU turns to India’s UPI for cross-border remittances using global postal network

Ashwini Vaishnaw, Minister of Communications, Electronics & IT and Railways, on Tuesday met Director General of Universal Postal Union (DG UPU) Masahiko Metoki, who’s on a three-day go to to India for the inauguration of UPU Regional Office, mentioned furthering cooperation between Universal Postal Union and India Post.

The Universal Postal Union will consider UPI for integrating the unified cost interface with cross-border remittances using global postal network. This will handle some main pain-points reminiscent of excessive charges, gradual processing occasions, and restricted accessibility.

“During the interplay, DG UPU appreciated India’s growth of bodily put up places of work driving on the waves of digital infrastructure and advocated the replication of comparable fashions in different international locations. He additionally agreed to consider UPI platform for integrating it with cross-border cash remittance via postal channels,” an official launch stated on Tuesday.

Since UPI’s success mannequin is confirmed successfully inside India, using the identical for cross-border transactions is a step in the suitable route.

Vaishnaw additional shared that the transformation of the put up places of work right into a digitally powered network is able to doorstep supply of presidency companies in distant areas.

Through this collaboration, there’s a big potential to revolutionise cross-border remittances and form the monetary panorama for the world.