The innovative system will integrate India’s Unified Payments Interface (UPI) with Bahrain’s Electronic Fund Transfer System (EFTS), specifically utilizing the Fawri+ service, enabling users in both countries to transfer funds instantly and securely.
Founded under the auspices of the Reserve Bank of India (RBI) and the Central Bank of Bahrain (CBB), this partnership represents a pivotal advancement in enhancing cross-border payment connectivity. The initiative seeks to streamline remittances, making them faster, more cost-effective, and transparent, especially for the substantial Indian community in Bahrain, which constitutes nearly 30% of the national population.
Ritesh Shukla, MD & CEO of NIPL, stated that this partnership will enhance financial connectivity and encourage innovation in cross-border payments. “We are confident that this collaboration will enrich financial connectivity, facilitate financial inclusion, and benefit both individuals and businesses,” he remarked.
Abdulwahed AlJanahi, Chief Executive of BENEFIT, described the alliance as a “strategic milestone” for Bahrain’s digital finance landscape. “This initiative bolsters our commitment to providing advanced, secure, and reliable digital payment solutions that enhance economic ties between Bahrain and India,” he noted.
Once launched, the UPI–Fawri+ connection will provide real-time, secure, and inclusive remittance solutions, propelling both countries’ aspirations for a modern and interconnected digital payments framework.
