Remittances set to get cheaper for Indian expats with UPI; NPCI is planning an alternative to SWIFT

The National Payments Corporation of India, the digital payments enabler and settlement system in India, is planning an alternative to the SWIFT payment system operator used widely for trade and cross-border payments internationally.

In 2021, Indians living overseas remitted $87 billion-the largest inflow in the world, according to the World Bank.A 6%-fall in the rupee over the past six months has made a case for increased remittances-a dollar buys more rupees as the Indian currency depreciates.