Sending money home or making merchant payments is now hassle-free for many.Indians living abroad.
India’s National Payments Corporation of India (NPCI) has extended access to the Unified Payments Interface (UPI) to non-resident Indians. Press release I said yesterday (January 10th). Domestic digital payment features are available for accounts with international mobile numbers in 10 of her selected countries.
“We have received requirements from the (UPI) ecosystem to allow non-resident accounts and other authorized accounts with international numbers to transact on UPI.” NPCI the statement said.
“And there was customer demand in the ecosystem to enable UPI and experience UPI’s seamless and immediate journey.”
All of NPCI’s 382 member banks are required to onboard all non-resident account types by April 30, the press statement said.
at 32 million (pdf), Indians living abroad constitute the world’s largest overseas diaspora.Remittances by the sector will reach nearly $100 billion in 2022, up 12% year-on-year, finance minister said Nirmala Sitharaman said yesterday.
UPI system launched in 2016, It gained immense popularity in India during the covid-19 pandemic. of by 2022 74 billion transactions reaches $1.53 trillion recorded in NPCI.
country like NepalBhutan and Singapore signed transaction integrated with NPCI payment network using UPI, Enable seamless cross-border payments.
