New Delhi: At present, UPI, the most popular medium of online payments, has now been started for Indians (NRIs) living in other countries as well. According to the National Payments Corporation of India, NRIs will now be able to use UPI i.e. Unified Payments Interface for payments through their international mobile numbers.
NRIs need to link their non-resident bank (NRE/NRO) account with UPI to make payments through UPI. The National Payments Corporation has given partner banks time till April 30 to prepare for it. Let us tell you that in just six years there has been a huge jump in transactions through UPI. In the month of December, transactions worth more than Rs 12 lakh crore were done through UPI.
What are NRE / NRO accounts?
NRE account (Non-Resident External account) helps Indians living in other countries to transfer their earnings from abroad to India. While the NRO account (Nonresident Ordinary account) helps in managing their earnings in India. Through UPI, they will now be able to make payments only from these accounts.
The first facility in these countries
Initially, the facility of payments through UPI will be available to NRIs living in 10 countries. They will now be able to make UPI payments using international mobile numbers as well. These countries include Singapore, America, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, United Arab Emirates (UAE), Britain (UK), etc.
2600 crore new plan for digital payment
A cabinet committee headed by Prime Minister Narendra Modi on Wednesday approved a Rs 2,600-crore plan to promote RuPay Debit Card and low-amount BHIM-UPI transactions. At the same time, PM Modi said in a tweet, “Today’s cabinet decision to promote RuPay Debit Card and BHIM-UPI transactions will take India further forward in digital payments.”
