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Payment giant NPCI has SWIFT alternative for 32 million Indian expats

Published on July 06, 2022
Current Context: NPCI built India’s digital payments backbone plans to make it cheaper and easier for the nation’s 32 million expatriates to bring their money home.
Payment giant NPCI has SWIFT alternative for 32 million Indian expats
  • The Reserve Bank of India set up NCPI along with the country’s lenders to make retail payments faster, more accessible, and cost-efficient.
  • NPCI is in the process of connecting the UPI platform to systems in other countries to replicate its domestic success.
  • Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank.
  • As of now in the remittance market,  it costs $13 on average to send $200 across borders which is very high.
  • Now Overseas Indians can use NPCI rails to remit money inwards straightway into their bank accounts, and for the markets where Indians travel frequently.
  • About 330 banks and 25 apps – including Meta Platform Inc.’s WhatsApp share NCPI’s unified payment interface.
  • It has also made instantaneous digital transactions a $3 trillion market in India.

Question:

Q.1 As per the World Bank, the Indians overseas remitted _________?
a. $90 billion
b. $87 billion
c. $78 billion
d. $67 billion
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