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Business News/ Industry / Banking/  Soon, NRIs can use international numbers for UPI payments
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Soon, NRIs can use international numbers for UPI payments

To start with, NRIs from Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE, United Kingdom, can make transactions using the UPI platform

Photo: MintPremium
Photo: Mint

Non-resident Indians (NRIs) will soon be able to make the united payments interface (UPI) payments without having an Indian mobile number, that is using their international number. The National Payments Corporation of India (NPCI) in a recent circluar said, “We have been receiving requirement from the eco-system with regards to the Non-resident (NR) accounts and other permissible accounts having international numbers to be allowed to transact in UPI. And there has been customer demand in the ecosystem to enable UPI for their NR accounts have international number and experience the seamless and instant journey of UPI."

To start with, NRIs from Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, United Arab Emirates, United Kingdom, can make transactions using the UPI platform. 

Mandar Agashe, Founder MD VC of Sarvatra Technologies said, “The UPI on-boarding and transaction facility being extended to Non-Resident account types like NRE/NRO is a welcome move. Currently, NPCI has issued a list of 10 countries, including Singapore, Australia, Canada and the United Kingdom. NRIs residing in these countries will be able to will be able to make payments from their international mobile numbers. All these years NRIs couldn’t access the UPI network since SIM binding, which is an important security feature of UPI, was available only to Indian SIM cards (phones). Now, mobiles (SIMs) from so many countries can be used, which will open up huge pending demand of NRI. They can now use UPI on their existing global mobile phones. This will not only help them use UPI when they travel to India but when UPI comes to merchants in the country of their residence they can start making instant transfers. 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. Other than the 10 countries, we hope this facility will soon be available for NRIs residing in other nations as well."

Accordingly, NPCI advised the member of the UPI eco-system the following instructions:

Non-Resident account types like NRE/NRO accounts having international mobile

numbers shall be allowed to get on-boarded/transact in UPI, provided:

a. Member banks to ensure such types of accounts are only allowed as per the extant FEMA regulations and adherence to the guidelines/instructions issued by the concerned regulatory departments of Reserve Bank of India from time to time.

b. All the necessary Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CFT) checks and compliance validation/account level validations as per the extent rules applicable under the regulatory guidelines shall be the responsibility of the remitter/beneficiary banks. All the members are hereby advised to comply with the above directives by 30 April 2023.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “The recent announcement of UPI going international is a remarkable initiative that bodes well for the digital payment ecosystem. The UPI facility on international numbers will allow NRE/NRO account holders to experience easy, seamless and instant transactions. Furthermore, the efforts taken by the NPCI to boost the uptake of UPI across the globe will make it a preferred choice for the NRIs to make payments in India, thus providing the necessary thrust to digital payments."

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Updated: 12 Jan 2023, 09:42 PM IST
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