The National Payments Corporation of India now allowed non-residents from 10 countries to perform UPI fund transitions from NRE/NRO accounts using international numbers. The NCPI allows the NRIs from US, Canada, UAE, and other countries to use the Unified Payments Interface (UPI) payments.
NRIs from 10 Countries Will Soon Be Able to Do UPI Transactions Using International Numbers
NCPI has released a circular on 10th January regarding the International UPI transactions. While the mechanism will takes place by 30th April under which non-residents having NRE/NRO accounts will be allowed to transfer funds using their international mobile numbers.
UPI facilities will be available to non-residents in 10 countries —Australia, Singapore, USA, Canada, Hong Kong, Qatar, Oman, UAE, Saudi Arabia, and the United Kingdom.
While NRIs and PIOs can open Non-Resident (External) Rupee (NRE) bank accounts, Non-Resident Ordinary (NRO) accounts can be opened by any person residing outside India for bonafide transactions in the rupee.
The NPCI, which operates the UPI platform, said, “To begin with, we shall be enabling transaction from mobile numbers having the country code of (10 nations)… and shall extend for other country codes in near future…”.
Payments Council of India Chairman Vishwas Patel said ‘payment/money transfer convenience’ for NRIs when they visit India.
Sarvatra Technologies Founder MD Mandar Agashe said that NRIs couldn’t access the UPI network until SIM binding, which is an important security feature of UPI, was available only to Indian SIM card phones.
“NRIs will just need to link their NRE and NRO accounts linked to their international SIM to UPI and use it like any other Indian UPI user for merchant payment as well as peer-to-peer payments,” Agashe said.