IndusInd Bank has partnered with the National Payment Corporation of India (NPCI) to provide real-time cross-border remittances to India using UPI ID for its money transfer operator (MTO) partners, the bank said in a statement released to the index on Monday.
“Through this move, IndusInd Bank has become the first Indian bank to use UPI for cross-border payments/NRI remittances. Under this arrangement, MTO will use IndusInd banking channels to connect with NPCI’s UPI payment system for verification and cross-border payments. International payments are settled to the beneficiary’s account,” the statement read. IndusInd Bank has started to conduct foreign inward remittances (FIR) with Thailand through UPI.
DeeMoney-a financial solutions provider based in Thailand, providing remittance and foreign currency exchange services. Customers using the DeeMoney website only need to add the UPI ID of the payee, and then they can transfer money easily.
IndusInd Bank also plans to add more partners in other countries/regions in the near future to make cross-border payments through UPI.
Speaking of the partnership, Mr. Soumitra Sen, Head of Consumer Banking and Marketing, IndusIndBank, said: “At IndusInd Bank, we have been working hard to come up with groundbreaking propositions to provide customers with a seamless banking experience. In order to stay with this approach In agreement, we are honored to cooperate with NPCI to launch the country’s first UPI-based cross-border remittance tool, enabling NRI to use their UPI IDs to remit money transfer operators to Indian beneficiaries through our partners Exchange Houses, Banks and Money. This is an important step in simplifying money transfers into a function, because individuals living overseas can now easily transfer money to recipients by simply adding their UPI id without having to remember their bank account details. We believe The realization of foreign remittances through UPI is an important milestone in strengthening its use as a platform and will greatly help increase the adoption rate of NRI across regions.”
Ms. Praveena Rai, Chief Operating Officer of NPCI, said: “We are very happy to work with the Industrial Bank of India. We believe this initiative will provide a simpler and more efficient remittance experience for international travelers using UPI. We believe that our association will become a UPI is one of the main factors driving the development of cross-border payments. As UPI gets involved in cross-border remittances, we look forward to witnessing a significant increase in UPI transaction volume in the coming years. “This cooperation will enable IndusInd Bank’s partners to promote non-residents Remittances of Indians (NRI) and Indians (PIO) live all over the world to transfer funds to their non-resident external (NRE) and non-resident general (NRO) accounts as well as their family and relatives in India.
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