NPCI International Payments Limited (NIPL), the international arm of India’s National Payments Corporation (NPCI), has partnered with BENEFIT, Bahrain’s leading fintech and electronic financial transactions company, to facilitate real-time cross-border remittances between India and Bahrain. The partnership connects India’s Unified Payments Interface (UPI) with Bahrain’s Fawri+ electronic fund transfer system, enabling users in both countries to send and receive money instantly and securely.
Key Highlights of the Partnership
- Instant Transfers: Linking UPI and Fawri+ allows for real-time cross-border remittances.
- Secure Transactions: Ensures safe and efficient transfers between India and Bahrain.
- Financial Inclusion: Supports broader adoption of digital payments and inclusive financial systems.
- Strategic Corridor: Facilitates seamless remittances for the large Indian community in Bahrain, which makes up nearly 30% of Bahrain’s population.
NBBL Launches Forex Services on Bharat Connect
In a related development, NPCI Bharat BillPay Limited (NBBL), a wholly owned subsidiary of NPCI, has partnered with Clearcorp Dealing Systems (India) Ltd (Clearcorp), a subsidiary of the Clearing Corporation of India Ltd. (CCIL), to launch forex services on Bharat Connect.
Key Features
- Retail Forex Transactions: Customers can buy foreign currency, reload Forex Cards, or make outward remittances.
- Seamless Integration: Available through Third Party Application Providers (TPAPs) and mobile banking apps integrated with the Bharat Connect (BBPS) platform.
- Global Fintech Fest Launch: The service was unveiled during the Global Fintech Fest 2025.
Significance
This dual initiative is a major step toward,
- Enhancing cross-border payment connectivity between India and Bahrain.
- Modernizing forex and remittance frameworks for retail users.
- Promoting cost-effective and convenient international financial transactions.
- Strengthening India’s position as a digital payment leader globally.
Key Facts
- Partnership: NPCI International Payments Limited (India) & BENEFIT (Bahrain)
- Services Linked: India’s UPI & Bahrain’s Fawri+
- Objective: Instant, secure cross-border remittances
- Support: Reserve Bank of India (RBI) & Central Bank of Bahrain (CBB)
- Target Users: Indian community in Bahrain (~30% of population)
- NBBL Forex Services: Enabled via Bharat Connect & CCIL’s FX-Retail platform
- Transactions Supported: Buying foreign currency, reloading Forex Cards, outward remittances
- Launch Event: Global Fintech Fest 2025
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