UPI plans to go Global!
FinMach
NPCI plans to take UPI global to make remittances faster and cheaper
The National Payments Corporation of India (NPCI), which built and runs the hugely popular Unified Payments Interface (UPI),now wants to use India’s digital payments backbone to make it cheaper and earlier for non-resident Indians to send money home.
What’s going on? NPCI is in the process of connecting the UPI platform to systems in other countries to replicate its domestic success. It is negotiating collaborations with governments, fintech companies and service providers around the world, aiming to reduce transaction costs and enable more small-ticket transactions, said Ritesh Shukla, chief executive officer of NPCI International Payments Ltd.
Why it matters: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 Shukla.
Crypto lender Voyager Digital files for bankruptcy
Stephen Ehrlich, founder, Voyager Digital
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The company's filings revealed it had more than 100,000 creditors, $1-10 billion in crypto assets, and about the same amount in liabilities.
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The higher levy aggravates cost pressures on airlines already reeling under soaring prices of aviation turbine fuel (ATF) that have set record highs several times this year. The charge also adds to what were already the highest levels of ATF taxes anywhere in the world.
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