UPI International remittance: What is it and how to send money using UPI
Accordingly, the NPCI in a circular dated January 10 has asked the UPI participants to put in place a mechanism by April 30 under which non-residents having NRE/NRO accounts will be allowed to transfer funds using their international mobile numbers.
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 the major convenience factor would be in the form of ‘payment/money transfer convenience’ for NRIs when they visit India.
“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.
(With PTI inputs)
