In a significant development, Director General of Universal Postal Union Masahiko Metoki on Tuesday agreed to evaluate UPI platform for integrating it with cross border money remittance through postal channels.
Mr. Metoki, who is currently on a three-day visit to India for the inauguration of the UPU Regional Office, met with Shri Ashwini Vaishnaw, the Minister of Communications, Electronics & IT, and Railways, to discuss the possibilities of leveraging the UPI infrastructure for seamless international remittances.
During the meeting, Shri Ashwini Vaishnaw highlighted the remarkable digital transformation of Indian post offices, which have evolved into a technologically advanced network capable of providing doorstep delivery of government services even in remote areas.
India’s post offices have proven to be a successful model for financial inclusion through the Unified Payments Interface (UPI) and the India Post Payments Bank (IPPB).
Recognizing India’s achievements, Director General Metoki expressed his admiration for the expansion of physical post offices in India, supported by a robust digital infrastructure.
He emphasized the importance of replicating similar models in other countries to enhance financial inclusion and improve access to digital services.
The integration of the UPI platform with cross-border remittances through postal channels could revolutionize the global remittance landscape, leveraging the widespread network of postal services.
With UPI’s user-friendly and secure infrastructure, individuals could conveniently transfer money internationally through their local post offices, benefiting from the efficient and reliable postal networks already in place.
This evaluation by the Director General of UPU signifies a crucial step toward expanding financial services and bolstering global connectivity through the integration of UPI with postal channels.
If successful, this collaboration could potentially bring millions of people, especially those in remote areas, into the formal financial system, empowering them with greater economic opportunities and facilitating international transactions.
The evaluation process is expected to involve assessing the technical feasibility, regulatory compliance, and security measures required for enabling cross-border remittances through postal channels using the UPI platform.
Further updates on the progress of this initiative will be eagerly awaited as it has the potential to shape the future of international money transfers and financial inclusion.
During the interaction, DG UPU appreciated India’s expansion of physical post offices riding on the waves of digital infrastructure and advocated the replication of similar models in other countries.
The Universal Postal Union (UPU) is a specialized agency of the United Nations (UN) that was established in 1874.
Located in Berne, Switzerland, its primary objective is to promote and coordinate international postal services, ensuring the smooth flow of mail and fostering cooperation among its member countries.
The UPU is the second oldest international organization worldwide and currently has 192 member countries.