The National Payments Corporation of India (NPCI) has taken a big step to enhance banking convenience for Non-Resident Indians (NRIs) by allowing them to link their international mobile numbers to the Unified Payments Interface (UPI). This new feature provides NRIs with a faster, more efficient way to send money to India, bypassing the delays often associated with traditional wire transfers.

With this update, NRIs holding Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts can seamlessly transfer funds directly from their smartphones. By linking their international mobile numbers, they gain access to instant UPI transactions, whether they’re sending money to family, paying for services, or managing expenses in India.

How Does It Work?

• First, you need to link your international mobile number to your NRE or NRO bank account.
• Next, download a UPI app as mentioned on the NPCI website. You can choose from a range of UPI apps that support international mobile numbers, such as: Federal Bank (FedMobile), ICICI Bank (iMobile), IndusInd Bank (BHIM Indus Pay), South Indian Bank (SIB Mirror+), AU Small Finance Bank (BHIM AU), BHIM, and PhonePe.
• Complete the onboarding process on your chosen UPI app, using your international mobile number.

Supported Countries for UPI Access with International Mobile Numbers

As mentioned in the NCPI portal, this service is currently available for NRIs residing in countries such as Australia (+61), Canada (+1), France (+33), Hong Kong (+852), Malaysia (+60), Oman (+968), Qatar (+974), Saudi Arabia (+966), Singapore (+65), United Arab Emirates (+971), United Kingdom (+44), and United States of America (+1).

This list of supported countries may expand in the future as NPCI continues to collaborate with banks and financial institutions to enhance the reach of UPI.

Banks Supporting International Mobile Number Linkage

Here is the list of banks that currently support the linkage of international mobile numbers to UPI:

• AU Small Finance Bank
• Axis Bank
• Canara Bank
• City Union Bank
• DBS Bank Ltd
• Equitas Small Finance Bank
• Federal Bank
• HDFC Bank
• ICICI Bank
• IDFC First Bank
• IndusInd Bank
• Punjab National Bank
• South Indian Bank

Benefits of UPI for NRIs:

By using UPI, NRIs can now enjoy a quick and convenient way to transfer funds to India, making it easier to support loved ones and manage their financial needs. This move has greatly enhanced the ease of sending and receiving money directly from your smartphone. Additionally, this method has lower transaction costs as compared to traditional methods that were used previously. UPI has always been a safe method of money transfer because of its strong security features, which apply here as well.

Story first published: Tuesday, November 5, 2024, 18:52 [IST]