IndusInd Bank has joined hands with National Payments Corporation of India (NPCI) for providing its customers with the facility of cross-border remittances to India using UPI IDs, for its Money Transfer Operator (MTO) partners.
“With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for Cross Border Payments/NRI Remittances. Under this arrangement, the MTOs will be using the IndusInd Bank channel to connect with NPCI’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts,” the bank said in a statement.
IndusInd Bank began providing this service, at first, with Thailand based financial solution provider– DeeMone for Foreign Inward Remittance (FIR) through UPI.
DeeMone provides money transfer facilities and foreign currency exchange services. Users of DeeMone can transfer funds only by adding a beneficiary’s UPI ID.
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IndusInd Bank is also planning to join hands with more partners from different countries for cross border-payments via UPI in the near future.
Mr. Soumitra Sen, Head – Consumer Banking & Marketing, IndusIndBank said, about the partnership, said: “At IndusInd Bank, it’s been our constant endeavour to bring forth path breaking propositions that provide customers with a seamless banking experience. In keeping with this approach, we are proud to partner with NPCI to introduce the country’s first UPI-based cross border remittance facility, which enables NRIs to send money to a beneficiary in India using their UPI ID through our partner Exchange Houses, Banks and Money Transfer Operators.
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“It’s a significant step towards simplifying remittances as a functionality, as individuals residing overseas will now be able to conveniently transfer money to a beneficiary by simply adding their UPI ids, without having to remember their bank account details. We believe, enabling foreign remittance through UPI is a major milestone towards strengthening its usage as a platform, and will go a long way in enhancing its adoption by NRIs across geographies.”
Ms. Praveena Rai, COO, NPCI said, “We are pleased to partner with IndusInd Bank. We believe this initiative will offer a much simpler and more efficient remittance experience for international travellers using UPI. We are confident that our association would act as one of the major contributing factors towards the evolution of cross-border payments through UPI. With UPI venturing into cross border remittances, we are looking forward to witnessing significant growth in UPI’s transaction volumes in the years to come.”
Such partnerships will help IndusInd Bank to provide remittances from Non-Resident Indians (NRI) and People of Indian Origin (PIO) living abroad to transfer money to their NonResidential External (NRE) and Non-Resident Ordinary (NRO) accounts, also to their families and relatives living in India.
The stock of Induslnd Bank ended the market in the red, closing at Rs 811.50 apiece, down 0.52% from the last day’s close.