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Economy and Finance

Economy and Finance

NRIs from these 10 countries will soon be able to make UPI payments

13 Jan 2023 Zinkpot 170

Mint -  Non Resident Indians (NRIs) will soon be able to make payments in Unified Payments Interface (UPI) without having to get an Indian mobile number. The National Payments Corporation of India (NPCI) has allowed NRIs 10 countries to digitally transfer funds using the UPI platform from NRE/NRO accounts. Read more

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  • Initially, NPCI will be enabling transactions from mobile numbers having country codes of Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, United Arab Emirates and the United Kingdom, along with the current domestic country code. This facility may be extended to other country codes in future.
  • The only conditions are that the partner banks ensure such accounts are allowed according to the Foreign Exchange Management Act (FEMA) regulations, follow the guidelines of the Reserve Bank of India (RBI) from time to time.
  • Plus, all necessary anti-money laundering or combatting of financing of terrorism checks and compliance validation according to the rules have to be ensured by the remitter and beneficiary banks.
  •  What are NRE & NRO accounts?  An NRE accounts helps NRIs transfer foreign earnings to India, while an NRO account helps them manage the income earned in India.
  • UPI is an instant real-time payment system, which is now processing more peer-to-merchant (P2M) transactions than peer-to-peer (P2P) transactions, in volume terms. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for UPI transactions.
  • There has been a massive jump in UPI payments in just 6 years. UPI transactions touched a record high of ₹12.82 lakh crore in December 2022.
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