UPI is now available for NRIs

The Unified Payments Interface (UPI) is a revolutionary digital payment system launched by the National Payments Corporation of India (NPCI) in 2016.

It has transformed India’s banking landscape by making financial transactions simple, fast, and secure.

In August 2024, the number of UPI transactions equaled 14,963.05 million, a 41% increase from the previous year. And, The value of transactions stood at Rs 20.6 lakh crore, a 30% increase year on year.

Now, this game-changing platform is available for Non-Resident Indians (NRIs), enabling them to make UPI transactions directly using their international mobile numbers. This is a significant breakthrough for NRIs, who frequently need to manage payments in India.

And, not just that, if you are visiting India, you can easily transact through UPI, just like a resident Indian. Either scan or transfer money to a UPI ID. Isn’t that a breather for all your Indian expenses without having to worry about arranging for money??

ICICI Bank Leads the Way

ICICI Bank is the first to roll out this feature, allowing NRIs to use UPI with their international numbers through the iMobile Pay app. Previously, NRIs needed an Indian mobile number linked to their account to use UPI, but with this update, they can use their international numbers across more than 15 countries, including the USA, UK, UAE, and Canada, among others.

Setting Up UPI with Your International Number

Setting up UPI with an international number is simple. Here’s how you can do it if you're an ICICI Bank customer:

1. Download the iMobile Pay App: Log in using your credentials.
2. Navigate to UPI Payments: Tap on the ‘UPI Payments’ section.
3. Verify Your Mobile Number: The app will prompt you to verify your international mobile number linked to your NRE/NRO account.
4. Create a UPI ID: In the 'Manage' section under 'My Profile', create a UPI ID from the available options.
5. Link Your Account: Select your NRE or NRO account to link with the UPI ID, and you're all set.

Once you set up your UPI, you can use it to make payments or receive funds. You must scan a QR code, send money to the mobile number linked to UPI, or directly send funds to a UPI ID. You can also transfer funds by providing bank account details.

UPI Transaction Limits

It is important to remember that UPI doesn't allow unlimited daily transfers. There is also a transaction limit that you must adhere to. According to NPCI guidelines, the per day UPI transaction limit is set at INR 1 lakh cumulative transaction value or a maximum of 20 transactions.?

However, in the case of a new UPI/VPA ID registration,

Read the full newsletter here.

Cheers,

iNRI Team