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Alternative to SWIFT: NPCI plans to take the UPI system to 32 million NRIs

Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank

Photo: Brent Lewin/Bloomberg
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Photo: Bloomberg

Alex Gabriel Simon Thattil | Bloomberg
The company that 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.

Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank. The remittances market, where it costs $13 on average to send $200 across borders, is ripe for disruption, according to Ritesh Shukla, chief executive officer of NPCI International Payments Ltd.

“We have displaced cash in India to a large extent and are now looking to repeat the success in cross-border corridors,” said Shukla. “Overseas Indians can use our

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First Published: Jul 06 2022 | 9:11 AM IST

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