India Unveils UPI-UPU Integration to Boost Global Digital Payments and Strengthen Cross-Border Connectivity

India has taken significant steps to make international money transfers faster, safer, and more cost-effective.Union Minister for Communication Jyotiraditya M. Scindia unveiled the UPI-UPU Integration project during the 28th Universal Postal Congress.This project has been regarded as an important event that could change the way millions of people around the world send and receive money across borders.

The program is a joint effort of the Department of Posts (DoP), NPCI International Payments Limited (NIPL), and the Universal Postal Union (UPU). It operates by linking India's popular Unified Payments Interface (UPI) to the UPU Interconnection Platform. Simply said, it combines the postal network's extensive reach with the quickness and low cost of UPI transactions.

Speaking at the event, he stated that this is more than just a technological development that it is about assisting families and communities. He stated that when combined with UPI, the strong postal network allows consumers to transmit money to their loved ones more quickly, securely, and without paying significant costs. According to him, this demonstrates how public infrastructure may be expanded beyond boundaries to better serve humanity.

He also highlighted India's goal for a modern, inclusive postal industry.This involves connecting people through improved logistics, making financial services more affordable for migrants and small businesses, using modern technologies such as artificial intelligence and digital address systems, and improving collaboration with international partners.

Highlighting India's track record of financial inclusion, he stated that over 560 million bank accounts had been opened through Aadhaar, Jan Dhan, and India Post Payments Bank, with the majority of them being held by women. He also mentioned that India Post delivered over 900 million letters and parcels every year, demonstrating how vast and active India's postal network is.

To encourage innovative ideas and technologies, he declared that India will contribute USD 10 million to the Universal Postal Union (UPU) this cycle.This money will be used mostly to assist e-commerce and digital payment projects. He also stated that India has applied to join the UPU's Council of Administration and Postal Operations Council. By doing so, India hopes to play a larger role in defining how global postal services expand and improve in the future.

This project demonstrates India's dedication to leveraging technology for the greater good and making financial services more accessible to all. By merging UPI with the global postal network, India is enabling faster, safer, and more inexpensive international money transfers. The project promotes India's vision for a future in which innovation, trust, and inclusiveness benefit everyone.

Information referenced in this article is from The Economic Times