Unified Payments Interface (UPI), a symbol of India’s financial progress, is now extending its reach globally. Discover how NRIs are benefitting from the convenience, lower costs, and enhanced security features offered by this Made-in-India system.
UPI Payment: How NRIs Would Benefit from Global Expansion of This Made-in-India System
Introduction: The Unified Payments Interface (UPI) has not only revolutionized India’s financial landscape but is now making waves globally. Acknowledged by global figures like Bill Gates, UPI is reshaping the way Non-Resident Indians (NRIs) send money back home. Let’s delve into the advantages and the step-by-step process for NRIs to leverage UPI for seamless transactions.
Advantages of UPI for NRIs:
- Simplified Transactions:
- UPI eliminates the need for lengthy bank account details. NRIs can utilize UPI IDs, QR codes, or phone numbers for quick and error-free transactions.
- Cost-Effective Transactions:
- Enjoy lower costs compared to traditional money transfer methods.
- Enhanced Security Features:
- UPI employs a two-factor authentication system, ensuring a secure financial transaction experience.
How NRIs Can Utilize UPI Payments:
- Bank Account Requirements:
- Have an NRO or NRE account with a UPI-supported bank in India.
- Mobile Number:
- Register your foreign mobile number with the bank account for UPI verification.
- Choose a UPI App:
- Select a UPI-enabled app like Google Pay, PhonePe, Paytm, or others.
- Installation and Setup:
- Install the chosen UPI app and complete the setup, verifying your mobile number.
- Link Bank Account:
- Link your NRO/NRE account to the UPI app by selecting your bank and providing necessary details.
- Set UPI PIN:
- Create a UPI Personal Identification Number (PIN) using the one-time password (OTP) sent to your registered mobile number.
- Start Transacting:
- Begin using UPI for payments, transfers, bill payments, and online purchases.
- Limits and Regulations:
- Stay informed about transaction limits and regulatory requirements, especially related to foreign exchange regulations.
Challenges and Considerations: While the process is generally straightforward, some users may encounter challenges due to restrictions on foreign mobile numbers or internet banking limitations on NRO/NRE accounts. Stay updated on regulations and features, consulting your bank or app provider for the latest information.
Conclusion: As UPI expands its integration with over 10 countries, including the UAE, UK, Mauritius, and Singapore, NRIs witness a paradigm shift in the ease and efficiency of cross-border transactions. UPI’s global vision aligns with India’s commitment to economic resilience and inclusivity.
