New Delhi: India and Bhutan have announced a new UPI-based cross-border remittance initiative to enable faster, efficient, and affordable money transfers between the two countries, marking another step in UPI’s global expansion.
This will happen via the postal network by integrating the Universal Postal Union (UPU) PosTransfer system with India’s Unified Payments Interface (UPI).
This initiative will enhance financial connectivity and make digital remittance services more accessible to citizens in both countries, according to an official statement.
The countries have signed a memorandum of understanding (MoU) on postal cooperation, providing a structured framework for collaboration between India Post and Bhutan Post.
The MoU aims to promote cooperation in areas such as postal operations, technology development, capacity building, logistics connectivity, philately, and knowledge exchange.
Both sides also emphasised the importance of capacity building, training and professional development.
According to the Ministry of Communications, under the cooperation framework, Bhutanese postal officials will participate in training programmes in India alongside their Indian counterparts at institutions of the Department of Posts, including the Rafi Ahmed Kidwai National Postal Academy and other training centres.
These programmes are in areas such as operational expertise, management capacity, and emerging technologies in the postal sector.
India and Bhutan also agreed to deepen collaboration in the technology domain, including sharing experience and best practices related to India Post’s evolving technology ecosystem.
This includes cooperation in areas such as digital postal systems and the Digital Address Code, which can support more efficient addressing, logistics planning, and improved service delivery.
According to the statement, the two sides welcomed continued cooperation in philately and cultural exchange, with Bhutan Post invited to participate in philatelic exhibitions organized in India.
India also expressed its readiness to share its experience and knowledge in postal financial services, including how postal networks can support financial inclusion by channelising public savings and providing accessible financial services to communities.
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AI image/IANS
–IANS
