: UPI (Unified Payments Interface) is currently the most popular medium for online payments. In such a situation, this service has also started for Non-Resident Indians (NRIs). According to the National Payments Corporation of India, NRIs can now use UPI to make payments through their international mobile numbers.
Basically, NRIs need to link their Resident Bank (NRE/NRO) account with UPI to make payments through UPI. The National Payments Corporation has already given partner banks till April 30 to prepare for it. It is pertinent to note that transactions through UPI have witnessed a huge growth in just six years. Besides, in the month of December alone, more than 12 lakh crores of rupees were transacted through UPI.
What is NRE/NRO Account: NRE account (Non Resident External Account) helps Indians living in other countries to transfer their earnings from abroad to India. Although NRO account (Non Resident Ordinary Account) helps to manage their income in India. In this case, they can now make payments only from these accounts through UPI.
Benefits available in these countries: Initially, payment facility through UPI will be available to NRIs residing in 10 countries. They can make UPI payments using international mobile numbers. These countries include Singapore, America, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, United Arab Emirates and Britain.
2,600 crore new plan for digital payments: A cabinet committee chaired by Prime Minister Narendra Modi on Wednesday approved a Rs 2,600-crore plan to advance RuPay debit card and low-volume BHIM-UPI transactions. Also, Prime Minister Modi said in a tweet, “Cabinet decision on progress of RuPay debit card and BHIM-UPI transactions will take India further in digital payments.”