Ashwini Vaishnaw, Minister of Communications, Electronics & IT and Railways, on Tuesday met Director General of Universal Postal Union (DG UPU) Masahiko Metoki, who is on a three-day visit to India for the inauguration of UPU Regional Office, discussed furthering cooperation between Universal Postal Union and India Post.
The Universal Postal Union will evaluate UPI for integrating the unified payment interface with cross-border remittances using global postal network. This will address some major pain-points such as high fees, slow processing times, and limited accessibility.
"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. He also agreed to evaluate UPI platform for integrating it with cross-border money remittance through postal channels," an official release said on Tuesday.
Since UPI's success model is proven effectively within India, using the same for cross-border transactions is a step in the right direction.
Vaishnaw further shared that the transformation of the post offices into a digitally powered network is capable of doorstep delivery of government services in remote areas.
Through this collaboration, there is a huge potential to revolutionise cross-border remittances and shape the financial landscape for the world.
