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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