New Delhi: Indians living abroad will soon be allowed to use their foreign mobile phones to access the Unified Payments Interface (UPI). Non-Resident Indians (NRIs) in ten countries can utilise UPI services for transactions without relying on their India phone number. The nations are Singapore, the United States, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and the United Kingdom.
The National Payments Corporation of India claims that accounts like NRE/NRO (Non Resident External and Non Resident Ordinary) with foreign mobile numbers may use UPI to conduct transactions. Partner banks have until April 30 to follow the instructions, according to the Payments Corporation. While an NRO account lets NRIs manage revenue generated in India, an NRE account enables them to transfer overseas profits to India.
The only prerequisites are that banks confirm that these accounts are permitted in accordance with Foreign Exchange Management Act (FEMA) rules, adhere to Reserve Bank of India (RBI) recommendations, and take precautions to prevent money laundering and financing of terrorism.
Today, a 2,600 crore plan to promote RuPay debit cards and low-value BHIM-UPI transactions was authorised by a cabinet committee led by Prime Minister Narendra Modi. According to authorities, the significant UPI move will benefit local enterprises, international students, and families with overseas residences.
Banks would get cash incentives under the plan in exchange for boosting RuPay and UPI transactions. In a tweet, PM Modi stated that ‘India’s progress in digital payments would be further enhanced by today’s Cabinet resolution regarding promotion of RuPay Debit Cards and BHIM-UPI transactions’. In just six years, UPI transactions have increased significantly. Over 12 lakh crore worth of UPI transactions were made in December.
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