Indians in other countries will soon be able to access the Unified Payments Interface (UPI) using their international mobile numbers.
The Unified Payments Interface (UPI) is set to expand its reach to Non-Resident Indians (NRIs) in 10 countries, allowing them to access UPI services for transactions without the need for an India-based mobile number. The National Payments Corporation of India (NPCI) has announced that NRIs in countries such as Singapore, the United States, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, UAE, and the UK will be able to transact using UPI through accounts like NRE/NRO (Non-Resident External and Non-Resident Ordinary) with international mobile numbers.
This move is set to benefit international students, families living abroad, and local businesses. According to NPCI, partner banks have been given until April 30th to comply with the new directive. The only condition for this expansion is that banks must ensure that such accounts are in compliance with the Foreign Exchange Management Act (FEMA) regulations, follow the guidelines of the Reserve Bank of India (RBI) and guard against money laundering and terror financing.
The move to expand the UPI service comes after the Indian cabinet, headed by Prime Minister Narendra Modi, approved a ₹2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions. Under this scheme, banks will be provided with financial incentives for promoting transactions using RuPay and UPI. The Prime Minister has praised the move, stating that it will help to further strengthen India’s strides in digital payments.
The UPI system has seen significant growth in usage over the last six years, with transactions worth over ₹12 lakh crore taking place in December alone. This expansion will only help increase the usage and acceptance of UPI, making it more accessible to Indians living abroad.