IDFC FIRST Bank launches UPI for Indians in 12 countries
For a growing number of Indians, UPI has not only become a preferred medium of pay but also almost an addiction. IDFC First Bank has leveraged this popularity to introduce a service allowing NRIs to make UPI payments in India via international mobile numbers. And it is free of charge.
Kolkata: The benefits of UPI (Unified Payments Interface) are gradually extending to beyond the borders of India. IDFC First Bank has scored a first by launching a new feature that offers non-resident Indians (NRI) to make UPI payments in India through international mobile numbers and does not need an Indian SIM card. The service will be seamless, said the bank. Significantly, this service will be free of charge. The service has been launched in as many as a dozen countries.
The service has become available from Wednesday, June 25. The countries where this service is available includes Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, the UAE, the UK and the US. It is clear from the list that it can be of use to millions of NRIs who want to make rupee payments in India. Incidentally, UPI is currently operational in seven countries: UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. These countries have either fully adopted UPI for domestic transactions or have made it available for Indian tourists and NRIs.
Easy to set up
It is quite easy to set up the UPI facility via international numbers, said reports. An user has to first log into the IDFC First Bank mobile app and link their NRE or NRO account. The next step is creating an UPI ID to start transactions. The bank says it will This process allows customers living in various parts of the world to seamlessly manage their financial activities back in India through UPI platforms. "Our vision has always been to simplify and enhance banking, making it accessible no matter where our customers are located. The launch of UPI services on international mobile numbers is a testament to our commitment to innovation and catering to the unique needs of the NRI diaspora," Ashish Singh, head of retail liabilities at IDFC First Bank, said in a press statement.
All sorts of money transfers
The IDFC First Bank service can be used for all sorts of money transfers and sundry transactions such as bill payments, peer-to-peer payments using UPI IDs and QR codes -- using all the tools Indians use in the country. There are no foreign exchange fees to be paid. Reaching the digital solution to a global clientele will also provide an edge to this private sector bank.
Incidentally, the big Indian diaspora sends a massive amount of money to India by way of remittances. According to World Bank, India received a $129 billion in remittances in 2024 -- the highest for any country in a year. It accounted for as much as 14.3% of global remittances that year. A lot of this money can now be sent through UPI.