New Delhi: Non-resident Indians (NRIs) in 10 countries can access UPI services for transactions without relying on their Indian phone number. The countries are Singapore, US, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, UAE and UK. Indians in other countries will soon have access to the Unified Payments Interface (UPI) using their international mobile numbers.
UPI : Unified Payments Interface is a real-time payment system developed by the National Payments Corporation of India. (Unified Payments Interface is an instant real-time payment system developed by National Payments Corporation of India)
According to the National Payments Corporation of India, accounts such as NRE/NRO (Non-Resident External, Non-Resident Ordinary) with international mobile numbers can transact using UPI. The Payments Corporation has given partner banks till April 30 to comply with the directives.
An NRE account helps NRIs remit foreign income to India, while an NRO account helps manage income earned in India.
The only conditions are that banks ensure that such accounts are sanctioned in accordance with Foreign Exchange Management Act (FEMA) regulations, comply with Reserve Bank of India (RBI) guidelines and guard against money laundering or terrorist financing.
A cabinet committee headed by Prime Minister Narendra Modi today approved a Rs 2,600-crore scheme to promote RuPay debit cards and low-value BHIM-UPI transactions.
The UPI move will help international students, families living abroad and local businesses, officials said. Under the scheme, banks will be given financial incentives to encourage transactions using RuPay and UPI.
Prime Minister Modi said in a tweet that today's cabinet decision on promotion of RuPay debit cards and BHIM-UPI transactions will further strengthen India's progress in digital payments. In just six years, there has been a huge jump in UPI transactions. 12 lakh crore UPI transactions took place in December.
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