Non-resident Indians (NRIs) who have bank accounts in India but live abroad will be able to use the Unified Payments Interface (UPI) platform in the near future with their national mobile numbers. their economy. The National Payments Corporation of India (NPCI) has asked the Unified Payments Interface (UPI) ecosystem to allow users to have non-resident account types such as non-resident external accounts (NRE) and Non-resident regular (NRO) accounts have international mobile numbers for UPI transactions. This means that non-resident Indians (NRIs) will soon be able to make UPI payments without needing an Indian mobile number.
How to make UPI transactions without internet?
What are these ten countries?
NPCI has announced that it will start allowing transactions from mobile numbers with country codes of the countries listed below, in addition to the current domestic country codes. The following are currently on the list:
- Singapore
- Australia
- Canada
- Hong Kong
- Oman
- Qatar
- USA
- Saudi Arabia
- United Arab Emirates
- UK
In the near future, NPCI plans to expand the UPI base to include additional country codes.
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What are the conditions for NRI UPI transactions?
According to NPCI’s circular, NRE or NRO account holders with international mobile numbers will be allowed to register and transact on the UPI platform only if the following conditions are met. NRE stands for Non-Resident Outside and it allows you to deposit your earnings abroad in foreign currency. Conversely, a Non-Resident Indian (NRI) account can be used to manage income and funds generated in India in Indian rupees.
These users can now use UPI without relying on their Indian mobile number. According to the NPCI order, member banks must ensure that UPI accounts are authorized only “in accordance with the applicable regulations of FEMA and in compliance with the instructions/instructions issued by the concerned regulatory authorities of the Bank.” Reserves of India issued from time to time. Furthermore, all “necessary Anti-Money Laundering (AML)/Counter-Terrorist Financing (CT) checks and in-scope compliance/account-level validations” must be applied to accounts this bank.
Difference between NEFT, UPI, IMPS and RTGS
According to officials, this development will benefit international students, families living abroad and local businesses. Payments Council of India Chairman Vishwas Patel said the key convenience factor will be in the form of ‘payment/remittance convenience’ for NRIs when they visit India.
In case you missed it, the National Payments Corporation of India (NPCI) launched the UPI payments system in 2016. This bank-led system modernizes the erstwhile IMPS and NEFT payments systems . Thanks to the interoperable system, customers can quickly and easily make real-time payments using just their smartphone.
To make payments via phone, users only need a mobile payment application and the recipient’s virtual address. The same process applies to all accounts, whether personal or with a neighboring supplier.
What is UPI and how does it work?
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Source: pagasa.edu.vn