NRIs can now make payments using UPI
According to the NPCI: Singapore, Australia, Canada, Hong Kong, Oman, Qatar, The U.S.A,Saudi Arabia, the United Arab Emirates, and the United Kingdom
27 January 2023
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Tanisha
Summary Bullets:
For non-resident Indians, there is good news (NRIs). With the 'Made in India' real-time payments system the Unified Payments Interface (UPI) now accessible to Indians living abroad, sending money home or paying merchants would be hassle-free.
NRIs will soon be allowed to make payments using UPI in ten different countries. The following nations will have access to the facility, according to the NPCI: Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States, Saudi Arabia, the United Arab Emirates, and the United Kingdom.
A deadline of 30 April has been set for all 382 of NPCI's member banks to ensure the onboarding of all non-resident account types.
For non-resident Indians, there is good news (NRIs). With the 'Made in India' real-time payments system the Unified Payments Interface (UPI) now accessible to Indians living abroad, sending money home or paying merchants would be hassle-free.
The Unified Payments Interface (UPI) ecosystem's members have been told to permit non-resident account types, such as non-resident external (NRE)/non-resident ordinary (NRO) accounts with international mobile numbers, to sign up and conduct transactions through UPI,
according to a circular released by the National Payments Corporation of India (NPCI), the organization responsible for managing retail payments and settlement systems in India.
Right now, obtaining a UPI ID requires an Indian cell phone. An app like Paytm sends a text message to verify that the user's cellphone number is associated with the bank when they use the app to activate UPI. Foreigners had no choice but to maintain their Indian phone numbers due to the hefty expense of international roaming.
According to the NPCI, users will soon be able to access UPI without using their India mobile phone number. The NPCI claimed in its statement, "We have been getting needs from the (UPI) ecosystem with reference to the non-resident accounts and other permitted accounts having foreign numbers to be allowed to transact in UPI.
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NRIs must have an NRE or NRO account in order to access this service. An NRE account is a bank account opened in India in the name of an NRI to park his overseas earnings, as opposed to an NRO account, which is a bank account opened in India in the name of an NRI to handle the income produced by him or her in India.
In order for this facility to be made available, only member banks will be required to make sure that the UPI account is allowed in accordance with "the extant Foreign Exchange Management Act (FEMA) regulations and adherence to the guidelines/instructions issued by the concerned regulatory departments of the Reserve Bank of India from time to time"
Furthermore, any "required Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CT) checks and compliance validation/account level validations as per the extent" regulations shall apply to these bank accounts.
NRIs will soon be allowed to make payments using UPI in ten different countries.
The following nations will have access to the facility, according to the NPCI: Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States, Saudi Arabia, the United Arab Emirates, and the United Kingdom.
UPIs for NRIs will start soon. A deadline of 30 April has been set for all 382 of NPCI's member banks to ensure the onboarding of all non-resident account types.
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