NRIs with international number from select countries allowed to make UPI payments

NRIs with international number from select countries allowed to make UPI payments

Mangalore Today News Network

New Delhi, Jan 12, 2023: The National Payments Corporation of India (NPCI) has announced that Non-Resident Indians (NRIs) holding bank accounts in India, but using international mobile numbers, can now make UPI payments. In a circular, NPCI, which oversees UPI payments and developments, stated that account holders with international mobile numbers from ten countries would be able to transact. These include Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States, Saudi Arabia, the United Arab Emirates, and the United Kingdom. The government body has asked UPI participants, such as Paytm, Google Pay, and more to put in place a mechanism by April 30.

 

In the official circular, NPCI states, "Non-Resident account types like NRE/NRO accounts having international mobile numbers shall be allowed to get on-boarded/transact in UPI." The body says that NRIs will be allowed provided they do not violate "FEMA regulations" and member banks follow the guidelines of the Reserve Bank of India (RBI).

 

UPI payments for NRIs will extend to more countries in the "near future", NPCI adds.

The new development will benefit many NRIs who visit India but prefer using their international number in the country. PTI quoting Sarvatra Technologies Founder MD Mandar Agashe, notes that NRIs couldn’t access the UPI network since SIM binding, which is an important security feature of UPI, was available only to Indian SIM card phones.

Since its launch nearly six years ago, UPI or Unified Payments Interface has benefited many Indians in facilitating quick digital payments. Users can create a UPI account using partner platforms such as Paytm, Google Pay, PhonePe, and more. A user can easily transfer money to another user’s bank account with just a few clicks. On the other hand, sending money digitally through traditional methods such as RTGS or NEFT can be cumbersome and complicated, as the process of adding accounts can be complex. Partner banks create a unique UPI ID and users with that ID can receive or send money seamlessly.

To create a UPI ID, say on Google Pay, users need to provide bank account details and a ten-digit mobile number. UPI IDs in payment applications such as Paytm usually begin with the user’s phone number@UPI, that is, XXXXXXXXXX@paytm. NCPI says that as of December 2022, it has 382 partner banks. Last month, payments through the UPI system touched a record high of Rs 12.82 lakh crore. The Department of Financial Services (DFS), in a tweet, said that 782 crore transactions in volume terms were done in December 2022.

Courtesy: India Today