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Context: India launched the Unified Payments Interface (UPI) – Universal Postal Union (UPU) Integration Project at the 28th Universal Postal Congress in Dubai.
Earlier this month, the UPU made headlines with its drive to introduce technology into the postal network, including the UPI-UPU Integration project, which was introduced to enable cross-border remittances. This program, a collaboration between India’s Department of Posts, NPCI International, and the UPU, is aimed at uniting the trustworthiness of the postal network with the speed and affordability of India’s Unified Payments Interface (UPI).
The UPU’s efforts are crucial for ensuring that postal services remain an integral component of world trade and communication, embracing the digital age while staying true to their fundamental role of bringing people together across the world.
What is the Universal Postal Union (UPU)?
The Universal Postal Union (UPU) is a United Nations specialised agency responsible for coordinating postal policies between its 192 member states. Its ultimate purpose is to ensure an unbroken and uniform global postal system to enable international mail to be sent and delivered efficiently all over the world.
Facts Related to Universal Postal Union (UPU) | |
Founded | 1874 |
Headquarters | Bern, Switzerland. |
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Established by the signing of the Treaty of Bern in 1874, the UPU is one of the oldest international organisations in the world. Before its creation, international mail delivery was a cumbersome and costly process that was controlled by a network of bilateral agreements. The establishment of the UPU streamlined this by implementing fundamental principles: a single flat rate for letters, the same treatment for national and international mail, and the practice in which every country retains the funds it collects for international postage.
Based in Virginia, USA, UPU is the principal platform for cooperation among players in the global postal industry. Its activities include establishing regulations on international postal exchanges, offering technical support to developing nations to upgrade their postal systems, and offering advice to spur development in mail, parcel, and financial services.
What is its Significance?
- Makes cross-border money transfers faster, cheaper, and safer.
- Helps migrant workers and their families, especially in rural areas.
- Uses the trust of the postal network with the speed of UPI.
- Promotes financial inclusion and supports India’s Digital India & Viksit Bharat vision.
- Strengthens South–South cooperation and India’s role in UPU governance.