India to allow NRIs to Use UPI
The National Payments Corp. of India (NPCI) has made a significant move that allows Indians abroad to use the fast payments network Unified Payments Interface (UPI) as long as their domestic bank accounts are linked to their foreign mobile numbers. This move is a significant step towards wider adoption of the homegrown payments platform UPI and opens up new possibilities for non-resident Indians (NRIs).
UPI Access for NRIs
So far, only Indian phone numbers were allowed on UPI, leaving out non-resident bank accounts linked to their phone numbers abroad. However, on January 10th, NPCI issued a circular that paved the way for wider adoption of UPI by NRIs. In the first phase, phone numbers from 10 countries including Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, United Arab Emirates, and the UK have been allowed to be used on UPI. NPCI has also stated that it could extend this to other nations as well, in the future.
Impact on UPI
The move by NPCI to allow NRIs to use UPI is expected to have a positive impact on the platform. With the inclusion of NRIs, UPI will see an increase in the number of users and transactions, which will lead to further growth and development of the platform. Additionally, UPI’s ability to facilitate transactions in a fast, secure, and convenient manner is expected to attract more users and increase its popularity among NRIs.
National Payments Corporation of India
The CEO of National Payments Corporation of India (NPCI), the organization that operates UPI (Unified Payments Interface), is Mr Dilip Asbe. The head office of NPCI is located in Mumbai, Maharashtra, India and launched in 2016.
Category: Economy & Banking Current Affairs - 2022