New Delhi: It is soon going to be very easy for crores of Indians living abroad to send money to their families in India. They will be able to send money to the account of their family members immediately from abroad at less cost. Not only this, but Indians settled abroad will also be able to send a very small amount to India. This will be possible through the International Payment System of NPCI (National Payment Corporation of India – NCPI). NPCI is making massive efforts to launch its International Payment System at the earliest.
There are about 32 million Indians living abroad. They send a huge amount every year to his family in the country. According to the World Bank, Indians who went abroad last year sent $87 billion to India. This is the largest amount sent by people living in other countries in the world to their country. Now sending money from abroad to India is very expensive. It costs an average of $13 for every $200 you spend.
Getting a ready new system
NPCI is working on creating a cheap and simple system to send money from abroad to India. Ritesh Shukla, the CEO, of NPCI International, said, “We have reduced the use of cash to a great extent in India. Now we want to repeat this success of sending money from abroad to our country. Through this system of ours, Indians living abroad will be able to send money directly to the bank accounts of their families.
NCPI is going to connect the UPI platform with the payment transfer system of other countries. For this, talks are going on with governments, fintech companies, and service providers of many countries. Shukla said that our aim is to reduce the transaction cost. Not only this but small transactions can also be done with the help of NCPI International.
Now SWIFT is used
Currently, SWIFT is used to send money from one country to another. SWIFT is headquartered in Belgium. Banks around the world use this system. At present, 330 banks and 25 apps use the UPI platform in India. These also include Google Pay and WhatsApp.
Mayank Goyal, CEO, moneyHop said, “This is going to change the world of payments in a big way.” Money shop is a banking app that allows you to transfer money from one country to another. It uses the SWIFT network. Goyal said that his company will integrate its app with the UPI platform. This will make it easier to send money to other countries.
