UPI is a real-time payment system that helps to instantly transfer funds between two accounts.
Non-Resident Indians will soon be able to make online payments via the united payments interface, or UPI, according to a circular issued by the National Payments Corporation of India. NRIs from 10 countries that have NRE/NRO accounts have initially been permitted to transfer funds via the digital payment service.
“We have been receiving requirement from the eco-system with regards to Non-resident (NR) accounts and other permissible accounts having international numbers to be allowed to transact in UPI,” the NPCI circular, addressing all members participating in UPI, stated.
NRIs having international numbers are allowed to get onboard in the online payment service and could make payments even if they do not have an Indian mobile number. To begin with, numbers with the following country codes can transact on the UPI platform: USA (+1), UK (+44), UAE (+971), Saudi Arabia (+966), Singapore (+65), Hong Kong (+852), Canada (+1), Australia (+61), Oman (+968), and Qatar (+974).
Member banks have to ensure that such type accounts are only allowed as per the FEMA (Foreign Exchange Management Act) regulations and are in adherence to the guidelines issued by the concerned regulatory departments of the Reserve Bank of India, the circular noted. All members are advised to comply with the directives by April 30, it added.
Unified Payments Interface is a real-time payment system that helps in instantly transferring funds between two accounts, round the clock 24X7 and 365 days. It powers multiple bank accounts into a single mobile application.
Over the last couple of years, UPI has evolved as one of the most popular modes of daily online digital transactions. According to NPCI data, record UPI transactions worth more than Rs 12.8 trillion were made in December 2022. It was just above Rs 30 million in August 2016, its launch year.