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Payment Giant Has SWIFT Alternative for Indian Expats

  • Cross-border payments costs an unsustainable 6.5%: World Bank
  • UPI to cut several intermediaries out of cross-border payments
Corrected

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.