February 4, 2023

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Indians living in these 10 countries can now make payments through UPI

New Delhi :

Indians living in other countries will soon be able to ‘use’ the Unified Payments Interface (UPI) through their international mobile numbers. Non-Resident Indians (NRIs) residing in 10 countries can use UPI services for transactions regardless of their Indian phone number. These countries are- Singapore, USA, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, United Arab Emirates (UAE) and United Kingdom (UK).

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According to National Payments Corporation of India, NRE/NRO (Non Resident External and Non Residence Ordinary) with international mobile numbers can transact through UPI. The Payments Corporation has given partner banks till April 30 to comply with the instructions. An NRE account helps NRIs remit foreign earnings to India, while an NRO account helps them manage income earned in India. The only condition in this regard is that banks have to ensure that such accounts are sanctioned as per Foreign Exchange Management Act (FEMA) norms, follow Reserve Bank of India (RBI) guidelines and are non-risk-free. Money Laundering or Financing of Terrorism.

A cabinet committee chaired by Prime Minister Narendra Modi on Wednesday approved a Rs 2,600-crore scheme to promote RuPay debit cards and low-value BHIM-UPI transactions. According to officials, this major UPI move will help international students, families living abroad and local businesses. Under the scheme, banks will be given financial incentives to encourage transactions using Rupee and UPI. In a tweet on Wednesday, Prime Minister Modi said, “Today’s Cabinet decision to promote Rupee Debit Card and BHIM-UPI transactions will further advance India in digital payments.” Notably, in just six years, UPI transactions have seen tremendous growth. In December, UPI transactions were over Rs 12 lakh crore.

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Indians living in 10 countries can now make payments through UPI