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IndusInd Bank has joined hands with the National Payments Corporation of India (NPCI) for offering real-time cross-border remittances to India using UPI IDs for its Money Transfer Operator (MTO) partners.
The private sector bank, in a statement, said it has become the first Indian bank to go live on UPI for Cross Border Payments/NRI Remittances.
Under this arrangement, the MTOs will be using the IndusInd Bank channel to connect with NPCI’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts.
This collaboration will enable partners of IndusInd Bank to facilitate remittances from Non-Resident Indians (NRI) and People of Indian Origin (PIO) living across the globe to transfer money to their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts as well as to their families and relatives back in India.
IndusInd Bank has started off with Thailand for Foreign Inward Remittance (FIR) through UPI.
The bank said that the customers using DeeMoney’s website (a Thailand-based financial solutions provider offering money transfers and foreign currency exchange services) can easily transfer funds by adding the beneficiary’s UPI ID.
IndusInd Bank said it also plans to add more partners in various countries for cross border-payments via UPI soon.
Soumitra Sen, Head – Consumer Banking & Marketing, IndusInd Bank said the UPI-based cross border remittance facility enables NRIs to send money to a beneficiary in India using their UPI ID through the Bank’s partner Exchange Houses, Banks and Money Transfer Operators.
“It’s a significant step towards simplifying remittances as a functionality, as individuals residing overseas will now be able to conveniently transfer money to a beneficiary by simply adding their UPI ids, without having to remember their bank account details,” Sen said.
Praveena Rai, COO, NPCI said, “We believe this initiative will offer a much simpler and more efficient remittance experience for international travellers using UPI...With UPI venturing into cross-border remittances, we are looking forward to witnessing significant growth in UPI’s transaction volumes in the years to come.”
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