India and Bhutan Launch UPI-Based Cross-Border Remittance Service to Boost Financial Connectivity
India-Bhutan Remittance Initiative Powered by UPI and Postal Network
New Delhi, March 21 – India and Bhutan have announced the launch of a cross-border remittance initiative, further extending the global reach of India’s Unified Payments Interface (UPI). The initiative aims to enable efficient and affordable remittance services between the two countries.The service will be facilitated through the postal network by integrating the Universal Postal Union (UPU) PosTransfer system with UPI, creating a seamless digital remittance channel.
Enhancing Accessibility and Financial Inclusion
According to an official statement, the initiative is expected to strengthen financial connectivity and improve access to digital remittance services for citizens in both India and Bhutan. The integration is designed to make cross-border money transfers more accessible and efficient.MoU Signed to Strengthen Postal Cooperation
As part of the development, India and Bhutan have signed a memorandum of understanding on postal cooperation. The agreement establishes a structured framework for collaboration between India Post and Bhutan Post.The MoU focuses on multiple areas including postal operations, technology development, logistics connectivity, capacity building, philately, and knowledge exchange.
Focus on Training and Capacity Building
Both countries highlighted the importance of professional development and training under this partnership. Bhutanese postal officials will participate in training programmes in India alongside Indian counterparts.These programmes will be conducted at institutions under the Department of Posts, including the Rafi Ahmed Kidwai National Postal Academy and other training centres. The training will cover operational expertise, management capacity, and emerging technologies in the postal sector.
Expanding Collaboration in Technology and Digital Systems
India and Bhutan have also agreed to deepen collaboration in the technology domain. This includes sharing best practices and experience related to India Post’s evolving technology ecosystem.Key areas of cooperation include digital postal systems and the Digital Address Code, which can enhance addressing efficiency, logistics planning, and overall service delivery.
Cultural and Philatelic Cooperation to Continue
The two countries also welcomed continued collaboration in philately and cultural exchange. Bhutan Post has been invited to participate in philatelic exhibitions organized in India.India to Share Expertise in Postal Financial Services
India expressed its readiness to share knowledge and experience in postal financial services. This includes leveraging postal networks to support financial inclusion by enabling public savings and delivering accessible financial services to communities.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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