New Delhi: NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), on Monday announced a partnership with BENEFIT, Bahrain's leading fintech and electronic financial transactions company, to enable real-time cross-border remittances between India and Bahrain.
This linkage will connect India's Unified Payments Interface (UPI) with Bahrain's Electronic Fund Transfer System (EFTS), specifically, Fawri+ service, allowing users in both countries to send and receive money instantly and securely, a joint statement said.
The collaboration, established under the guidance of the Reserve Bank of India (RBI) and the Central Bank of Bahrain (CBB), represents a key step in advancing cross-border payment connectivity between the two nations, it said.
It will enable residents to experience faster, more efficient, and cost-effective remittances, reflecting the shared vision to enhance digital financial inclusion and modernise cross-border transaction frameworks, it said.
By linking UPI and Fawri+ service, the initiative aims to establish a strategic remittance corridor between India and Bahrain, enhancing convenience for the large Indian community in Bahrain, which constitutes nearly 30 per cent of the country's population.
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