Postal financial services
The provision of basic postal financial services contributes significantly to global economic and social development and plays an important role in improving living standards.
The postal sector is able to play a key role in the payments market and the financial inclusion of populations, diminishing consumer risk related to the usage of informal networks and money laundering.
According to a UPU study, postal operators provide some 1.5 billion people worldwide with access to basic financial services (payments, money transfers and savings).
Posts, in general, extend their postal payment services (PPS) by offering related products and services to their customers, such as:
- Savings/postal accounts | - Payment of e-commerce products |
Postal payment services
The postal network, through its worldwide coverage and combination of electronic, financial and physical dimensions, ensures that all citizens of the world have access to efficient, reliable, secure and affordable electronic payment services.
The postal network comprises more than 663,000 physical contact points offering remittance and postal payment services (PPS), which have traditionally constituted a more affordable formal financial services channel compared to the channels provided by banks, money transfer operators and other players.
It is the UPU's mission to help build a worldwide electronic postal payment network (WEPPN). It does this through the PosTransfer network software suite developed by its Postal Technology Centre. This suite of software tools allows postal operators to offer electronic postal payment services, providing state-of-the-art guarantees to secure payments between designated operators and protecting the interests of senders and beneficiaries alike.
The WEPPN is complemented by the UPU trademark “PosTransfer”, the UPU automated clearing and settlement system “PPS*Clearing”, and a set of additional business and quality support tools.
PosTransfer
Collective trademark and promotional materials to promote the postal payment services.
Postal Payment Services User Group
PPS business development and activities are managed by the Postal Payment Services User Group (PPSUG).
Payments dialogue webinars
Presentations and videos of online discussions.
Postal payment services key documents
Postal payment services key documents:
- Agreement
- Regulations
- Multilateral agreement
- etc.
Financial inclusion
Financial inclusion is the provision of basic financial services (savings, payments, money transfers, insurance, credit) to people without access to such services.
Some 1.5 billion people worldwide already use the financial services provided by Posts. The postal sector is therefore the second largest contributor to financial inclusion worldwide, behind banks but far ahead of microfinance institutions and mobile phone operators.
The UPU helps its member countries to introduce or develop inclusive and sustainable financial services. As an information and technical assistance platform for the postal sector, the UPU is an ideal partner for lending institutions and donors in the effort to make postal financial services accessible to the most disadvantaged populations.
Financial inclusion activities are carried out by the UPU within the framework of Council of Administration (CA) Committee 4.
Research
The UPU works with its members and various international organizations to better understand the contribution of postal networks to financial inclusion.
Technical assistance
The UPU also provides its member countries with technical assistance to improve their contribution to financial inclusion at the national level.
Financial inclusion projects sponsored through the Japan Fund
The UPU and the MIC are supporting projects from designated operators of UPU member countries, aimed at the provision of innovative and inclusive postal financial services.