UPI payment method is very popular in India and these days everyone uses the same payment method to make online bill payments and more. Now it is reported that this particular payment method can be used by NRIs as well in the near future. Well, your friends or relatives can able to transfer payment to you here in India using Google Pay or any other UPI enabled application. It’s really crazy and awesome.
The NPCI (National Payments Corporation of India) has recently declared that Non-Resident Indians (NRIs) with bank accounts in India, but using International mobile numbers, can now make UPI payments.
In the initial stage, 10 countries can able to make transactions. Users can able to make UPI transactions using applications such as Paytm, Google Pay among others. It is also said that the new setup needs to be implemented by April 30 this year.
Speaking about the supported countries, the list includes Australia: +61, Canada: +1, Hong Kong: +852, Oman: +968, Qatar: +974, Saudi Arabia: +966, Singapore: +65, United Arab Emirates: +971, United Kingdom: +44, and USA: +1.
Having said that, there are some conditions as well to use the payment facility. You guys can check out the same below.
You need to ensure that NRE/NRO accounts with international mobile numbers are in compliance with extant Foreign Exchange Management Act (FEMA) regulations and any guidelines/instructions issued by the Reserve Bank of India (RBI).
Undertake necessary Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) checks.
The compliance validation and account level validation as per regulatory guidelines will be the responsibility of the remitter and beneficiary banks.
Creating a UPI ID on a platform like Google Pay requires users to submit their bank account information and a 10-digit mobile number. UPI IDs in payment apps such as Paytm typically consist of the user’s phone number, followed by “@UPI” or “@paytm” for example, XXXXXXXXXX@paytm.
Anyways, it is really great piece of information. We would like to know your thoughts on the same in the comments section below.
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