NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), and BENEFIT, Bahrain’s leading fintech and electronic financial transactions company, have entered into a partnership to enable real-time cross-border remittances between India and Bahrain. This new partnership connects India’s Unified Payments Interface (UPI) with Bahrain’s Electronic Fund Transfer System (EFTS), specifically through the Fawri+ service, enabling users in both countries to send and receive money instantly and securely.
The collaboration, developed under the guidance of the Reserve Bank of India and the Central Bank of Bahrain, represents a key milestone in strengthening financial connectivity and promoting digital financial inclusion between the two countries. It reflects the shared vision of both sides to enhance cooperation in the area of fintech and digital payments.
During the state visit of Prime Minister Narendra Modi to Bahrain in August 2019, an MoU between NPCI and BENEFIT was signed. Building on this foundation, the 4th India-Bahrain High Joint Commission Meeting held in December 2024 reaffirmed both sides’ intent to work towards closer collaboration in the fintech and digital payments sector.Earlier this year, Ambassador Vinod K. Jacob separately met with Bahrain’s Minister of Finance and National Economy in February 2025 and the Governor of the Central Bank of Bahrain in April 2025, during which discussions were held on enhancing cooperation in fintech and cross-border digital payments.The partnership between NPCI and BENEFIT is expected to further strengthen the economic and people-to-people linkages between India and Bahrain. According to Indian data, bilateral trade in 2024-2025 was USD 1.64 billion, while two-way investments stand at slightly above USD 2 billion.
