UPI Signs Landmark Agreement with Universal Postal Union to Revolutionize Cross-Border Payments
In a significant move set to transform global financial transactions, India’s Unified Payments Interface (UPI) has signed a landmark agreement with the Universal Postal Union (UPU) to streamline cross-border remittances. The announcement was made by Union Communications Minister Jyotiraditya M. Scindia at the 28th Universal Postal Congress held in Dubai.
The collaboration aims to strengthen global postal financial services through advanced digital solutions and enhance the efficiency of international money transfers. India has pledged a contribution of $10 million to support the development of this new technology-driven system.
Transforming Cross-Border Money Transfers
The partnership will integrate India’s robust UPI system with the UPU’s international financial services platform, significantly reducing costs and transaction times for cross-border payments. The move is expected to bring about a “revolutionary change” in how millions of people worldwide send and receive money across borders.
Scindia highlighted that the initiative will not only strengthen global postal networks but also democratize access to financial services, particularly for migrant workers, expatriates, and individuals in remote regions. “This collaboration represents a historic leap in global fintech cooperation and will make cross-border remittances faster, safer, and more affordable,” he stated.
Expanding Global Financial Connectivity
The partnership involves the Indian Postal Department, NPCI International Payments Limited, and the Universal Postal Union. By linking UPI with UPU’s international payment systems, the project will enable postal networks worldwide to offer seamless money transfer services integrated with digital payment solutions.
Experts believe that this collaboration will position UPI as a global payments infrastructure, enhancing India’s role in shaping the future of cross-border fintech. It also aligns with India’s broader vision of leveraging digital public infrastructure to strengthen global financial inclusion and cooperation.
This landmark agreement is expected to benefit millions of users and pave the way for new innovations in global financial connectivity, making remittances more accessible, transparent, and cost-effective than ever before.
