The Unified Payments Interface (UPI) is a revolutionary service that enables seamless and secure digital transactions in India. However, Non Resident Indians (NRIs) living in other countries have been restricted in their use of UPI, as they have had to depend on their Indian phone numbers to access the service.
But this is about to change. The National Payments Corporation of India (NPCI) has announced that NRIs in 10 countries can now access the services for transactions using their international mobile numbers.
The countries where this service will be available include Singapore, the US, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, UAE and the UK. Accounts like NRE/NRO (Non Resident External and Non-resident Ordinary) with international mobile numbers will be able to transact using Unified Payment Interaface. The NPCI has given partner banks until April 30th to comply with these directions.
UPI Global Services benefits NRI international students, families
This move will be especially beneficial for international students, families living abroad, and local businesses. The only conditions that banks need to follow are ensuring that such accounts are allowed according to the Foreign Exchange Management Act (FEMA) regulations, following the guidelines of the Reserve Bank of India (RBI), and guarding against money laundering or terror financing.
A cabinet committee headed by Prime Minister Narendra Modi recently approved a scheme worth INR 2,600 crore for promoting RuPay debit cards and low-value BHIM-UPI transactions. Under the scheme, banks will be provided with financial incentives for promoting transactions using RuPay and UPI. This move is expected to further strengthen India’s strides in digital payments.
The Unified Payment Interface transactions have seen a massive jump in just six years. In December 2020, UPI transactions worth over INR 12 lakh crore took place. The ability for NRIs to access UPI services with their international mobile numbers is a significant step forward in making digital payments more accessible to everyone.