Jyotiraditya M Scindia, Minister of Trade Unions, started on Tuesday morning at the 28th universal postal congress in Dubai’s integration UPI UP.
This means a landmark in transformation of cross -border remittances and align with an Indian vision that appears as a leader in digital financing.
According to the Ministry of Communication, the project is a joint effort between the Ministry of Jobs (DOP), NPCI International Payments LTD (Nipl) and Universal Postonal Union (UPU).
What is the UPI UP integration project?
The project integrates the Indian interface Unified Payments Interface (UPI) with the UPU-UPU-IP) to facilitate payments over the speed and availability of UPI.
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Its aim is to create a smooth and safe payment channel, which directly serves millions of families that rely on the remittings by combining the range of the postal network with the speed and availability of UPI.
Why does it matter?
The project deals with long -term challenges in international remitnesses, including high fees, slow processing times and limited availability due to limiting remitting corridors and international payment systems. Integration offers an alternative system that not only reduces these processing costs, but also speeds up the process, thus expanding the financial approach.
UPU currently includes 192 Member States. As part of the Scindia project, India will share that it will be involved in sharing expertise, building capacities and initiatives for innovation of cooperative innovations in postal and payments domains.
Calling the project “More than technological launch but social compact,” Scindia said:
“The reliability of the postal network combined with UPI speed means that families across borders can broadcast money faster, safer and much lower costs. It reaffirms that public infrastructure built for citizens can be connected across boundaries to better serve humanity.”
India invests $ 10 million in the postal sector
Scindia also announced that India invests $ 10 million in strengthening the global postal sector, with a special focus on digital payments and electronic trading.
As part of this effort, India will host regional workshops and dialogues: “Securing each region has a strong same voice.”
“We signed a letter about the intentions (LOI) with trade union partners, including Africa, Caribbean, Latin America formalization of trading contracts, digital finance, electronic trade,” Scindia added.
As part of the Viksit Bharat initiative and vision of the premiere of Narendra Modi’s initiative and Viksit Bharat, Scindia said: “With Aadhaar, Jan Dhan and India, we opened more than 560 million accounts after banks, most of the women’s names.
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Scindia also shared that in the last decade the country’s economic growth has gained main pressure from digital public infrastructure (DPI). He noticed key examples such as UPI, Aadhar, Jan Dhan Yojana and Digilocker, which helped expand their availability goals.
Scindia also announced the Indian candidacy for the UPU posting and Council Council.
(Tagstotranslate) digital public infrastructure
