Technology
Payment Giant Offers 32 Million Indian Expats a SWIFT Alternative
The business that created the foundation for India’s digital payments intends to make it less expensive and simpler for the 32 million Indians who live abroad to send money back home.
Indians living abroad sent back $87 billion last year, the most amount of any country the World Bank has been keeping track of. According to Ritesh Shukla, CEO of NPCI International Payments Ltd., the remittances industry is ripe for disruption because it costs $13 on average to move $200 across borders.
Shukla stated, “We have significantly reduced the use of cash in India and are attempting to replicate this achievement in cross-border corridors. “We will establish acceptability for our instruments in the markets where Indians travel regularly, and overseas Indians can use our railroads to deposit money directly into their bank accounts.”
Shukla emphasised that the goal was not to replace existing platforms, but rather to provide India with a homegrown alternative to SWIFT, the Belgian company that operates the cross-border payment system. The universal payment interface shared by 25 apps and about 330 banks, including WhatsApp by Meta Platform Inc. and Google Pay by Alphabet Inc., has helped India’s $3 trillion instantaneous digital transactions market grow.
In order to duplicate its domestic success, NPCI is currently linking the UPI platform to systems in other nations. According to Shukla, it is discussing partnerships with governments, fintech firms, and service providers all across the world in an effort to lower transaction costs and facilitate more small-ticket transactions.
Saving money
According to Mayank Goyal, CEO of moneyHop, a cross-border banking software that enables users to send money abroad over the SWIFT network, “this is going to take the payments world by storm.” Goyal stated that because UPI rails facilitate cross-border payments, the business will work to incorporate them into the app.
The Reserve Bank of India stated in a report that UPI’s connections with foreign countries will further anchor commerce, travel, and remittance movements between the countries and reduce the cost of cross-border remittances.
Together with the nation’s lenders, the Reserve Bank of India established NCPI in order to speed up, expand accessibility, and lower the cost of retail payments. To rapidly transact with vendors and send money between friends or family, a user only requires a virtual payment address.
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A day earlier, Bhagyashree posted a little clip from the gym showing her leg day training. With the little video showcasing how she like to focus on strengthening her legs and hamstrings, Bhagyashree banished our midweek blues. Bhagyashree may be seen in the video stretching her legs while sitting on a piece of exercise equipment. The actor can be seen resting on her chest and extending her hamstrings later in the video. “It’s crucial to work on your quadriceps, which are the largest muscle in your body, during leg training days. However, it’s equally crucial to counteract that by developing the appropriate hamstring muscles “read a portion of her blog post.
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In News
SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad
SpiceJet expands its domestic network with 8 new flights that will connect Jaipur with Varanasi, Amritsar and Ahmedabad and also link Ahmedabad with Pune.
SpiceJet is further expanding its domestic network with the launch of eight new flights starting November 15.
In the statement released on Wednesday, the airline announced that these new routes will connect Jaipur with Varanasi, Amritsar and Ahmedabad, while also linking Ahmedabad with Pune. This expansion follows the recent launch of 32 new flights in October 2024, including two international flights connecting Delhi with Phuket.
Last month, SpiceJet also commenced UDAN flights linking Shivamogga in Karnataka with Chennai and Hyderabad, and introduced double daily flights between Chennai and Kochi, enhancing connectivity across key regional and metropolitan cities.
“We are excited to announce the launch of new flights from Jaipur to Varanasi, Amritsar, and Ahmedabad, as well as from Ahmedabad to Pune, providing our passengers with greater flexibility and convenience,” SpiceJet Chief Business Officer Debojo Maharshi said.
“These new flights reflect our commitment to supporting passenger demand across tier-II cities and beyond. With our expanded winter schedule, including international and UDAN routes, we aim to provide our customers with greater convenience, affordability, and seamless travel experiences,” Maharshi added.
SpiceJet will deploy its 78-seater Q400 aircraft in these sectors. Bookings for the new flights are now open and tickets are available at the website of the airline, SpiceJet’s mobile app and through online travel portals and travel agents.
On Monday, the airline received a significant boost, with Acuite Ratings & Research Limited upgrading its long-term rating by four notches to ‘B ‘ and its short-term rating to A4. The rating agency has also assigned a ‘Stable’ outlook to the airline.
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