UPI to soon work in Bahrain
What's the story
In a major development, NPCI International Payments Limited (NIPL), the global arm of the National Payments Corporation of India (NPCI), has joined hands with Bahrain's BENEFIT Company. The collaboration will enable real-time cross-border remittances between India and Bahrain. The new system will integrate India's Unified Payments Interface (UPI) with Bahrain's Electronic Fund Transfer System (EFTS).
System integration
Integration of UPI and EFTS
The NIPL-BENEFIT partnership will specifically integrate India's UPI with Bahrain's EFTS, through the Fawri+ service. This will allow users in both countries to send and receive money instantly and securely. The initiative is backed by the Reserve Bank of India (RBI) and the Central Bank of Bahrain (CBB), marking a major step toward improving cross-border payment connectivity between India and Bahrain.
Strategic goals
NIPL-BENEFIT partnership to promote financial inclusion
The NIPL-BENEFIT partnership is aimed at making remittances faster, cost-effective, and transparent. Ritesh Shukla, MD & CEO of NIPL, said the collaboration will deepen financial connectivity and promote financial inclusion. "We believe this collaboration will deepen financial connectivity, promote financial inclusion, and benefit individuals and businesses alike," he said. Abdulwahed AlJanahi, Chief Executive of BENEFIT Company also echoed similar sentiments about the strategic milestone for Bahrain's digital finance ecosystem.
Future prospects
UPI-Fawri+ linkage to benefit Indian diaspora in Bahrain
Once operational, the UPI-Fawri+ linkage will offer real-time, secure, and inclusive remittance services. This will take both nations a step closer to their vision of a modern and connected digital payments infrastructure. The move is especially beneficial for the large Indian diaspora in Bahrain, which makes up nearly 30% of the country's population.