New UPI money transfer project comes across as secure, speedy and wallet-friendly
Cross border money transfer has launched itself into a totally new era, with India initiating a process wherein secure and affordable digital transactions across 192 countries could be made possible.
This indeed may be seen as a revolutionary step in the money transfer arena. The unveiling of the UPI-UPU Integration Project by Jyotiraditya Scindia, the Union Minister for Communications, at the 28th Universal Postal Congress in Dubai, comes as a significant step towards seamless, secure transfer of money beyond boundaries.
As per web sources, the UPI–UPU Integration Project collaborates India’s Unified Payments Interface (UPI), the Department of Posts (DoP), NPCI International Payments Ltd (NIPL), and the Universal Postal Union (UPU) towards money transfer. This would, in fact, aid the transfer of money way through absolutely secure means across the 192 countries listed, and also would be friendly to the senders’ wallet.
Linking UPI with UPU
What the initiative does is just connect India’s Unified Payments Interface with the Universal Postal Union Interconnection Platform. By effectively making this happen, the whole process would benefit attaining the speed and low-cost efficiency of UPI and the global reach of the postal network.
In effect, migrant workers, small businesses and also families across birders will be able to transfer money in a faster, secure. Added transparency is another advantage the process promises. Money transfer costs between nations have always had a hefty fee tagged along. However, the fee amount is set to drastically reduce when the new process gains acceleration. Besides the reduced transaction costs, the initiative will also make sure that all transfers done could bank on reliability and accessibility.
He highlighted India’s scale of inclusion under Digital India, noting that over 560 million bank accounts have been opened, most in women’s names, and that India Post handled 900 million letters and parcels in the past year.
A leap ahead for India’s digital payment system
Once the initiative gains acceptance and speed, it could well go on to become the largest expansions of India’s digital payment system. This could happen soon as the UPI–UPU Integration Project could be a major platform that could attract the attention and loyalty of most people and business that regularly transfer money between geographies.
Sending money beyond national boundaries is sure to get a leg up with the new initiative that has the UPI–UPU Integration platform as its base. There are many who depend on regular remittances, and it would be they who would benefit the most. Less transaction costs, a speedy transfer mechanism, and better financial security would aid the success of this programme in the long run.
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