Synopsis
NRIs living in 10 countries can now access UPI using their international mobile numbers for their NRE or NRO bank accounts. This means non-resident Indians will no longer require an Indian phone number to access UPI. PayNearby co-founder Yashwant Lodha said the move is a “game changer” and will allow a “seamless, beautiful experience”. However, an international phone number must be linked to the account to ensure high safety in the linking process with no additional charges to users.
ETMarkets.comYashwant Lodha, Co-Founder, PayNearby, points out that “there has to be a number that is linked to your NRO account here. It also has to make sure that there is a high level of safety in the linking process and nobody else can link or get access to transactions that are being done for this. So, this control that has been put in is noteworthy and a very good process has been set up.”
Non-resident Indians (NRIs) will be able to access Unified Payments Interface (UPI) on their international mobile numbers. The National Payments Corporation of India (NPCI) has allowed NRIs living in 10 countries to use UPI using their international mobile numbers for bank accounts which are classified as Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts. Can you explain?
Till now when you had to register for UPI, you had to use an Indian number. But what the government has allowed and what NPCI has now enabled is that you with your international number, – from the United States or UAE or Saudi Arabian number or Singapore number, can be registered for UPI and linked to your NRE (non-resident external) account for doing UPI payments in India.
The good part is that earlier this was not possible at all. While the US resident Indian could enjoy the benefits of UPI, NRIs could not do it unless they also maintained an Indian number along with it, which led to a little bit of operational hazards and a little bit of inconvenience as opposed to the seamless experience that the UPI provides. This is a game-changer in terms of the payment experience that we will be able to provide to our non-residents Indian friends and the seamless, beautiful experience that we get as Indian residents will also be available to international residents of India.
Also, the international number that we are talking about has to be the number that is linked with your account over here. Does it have to be a formal registered number or can it be any number that they have been using in that particular country?
There has to be a number that is linked to your NRO account here. It also has to make sure that there is a high level of safety in the linking process and nobody else can link or get access to transactions that are being done for this. So, this control that has been put in is noteworthy and a very good process has been set up.
If we have to talk about taking UPI globally, are there any specific features which are given specifically to NRIs which Indians who are using UPIs do not have?
No charges that we are yet aware of and anyway even in India, wherever we have now, the recent conversations have started around charging. The customer who is paying the money is anyway not charged even in the limited scenarios like a credit card or a high value prepaid card transactions when charges are being discussed. So, I think at least to that extent, the customers will not have to bear charge.
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I'm a financial technology enthusiast with a deep understanding of digital payment systems, particularly the Unified Payments Interface (UPI) in India. My expertise is grounded in extensive research, practical experience, and a keen interest in the evolution of financial technologies. I have closely followed the developments in the fintech sector, including regulatory changes and innovations that shape the landscape.
Now, let's delve into the key concepts highlighted in the provided article:
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NRE and NRO Bank Accounts:
- Non-Resident External (NRE) and Non-Resident Ordinary (NRO) bank accounts are types of accounts designated for non-resident Indians (NRIs).
- NRE accounts are primarily for holding income earned outside India, and the funds are freely repatriable.
- NRO accounts are for managing income earned in India, and there are restrictions on repatriating funds.
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Unified Payments Interface (UPI):
- UPI is a real-time payment system in India that facilitates inter-bank transactions.
- It allows users to link multiple bank accounts to a single mobile application and enables seamless fund routing and merchant payments.
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International Mobile Numbers for UPI:
- The National Payments Corporation of India (NPCI) has expanded UPI access to non-resident Indians living in 10 countries.
- NRIs can now register for UPI using their international mobile numbers, eliminating the need for an Indian phone number.
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Safety Measures in UPI Linking Process:
- To ensure security, an international mobile number must be linked to the NRO account.
- Yashwant Lodha, Co-Founder of PayNearby, emphasizes the importance of a high level of safety in the linking process to prevent unauthorized access.
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Global Access to UPI:
- The article discusses the significant change wherein NRIs can use UPI globally with their international mobile numbers.
- Previously, NRIs faced operational challenges as they had to maintain an Indian phone number to access UPI.
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Charge-free Transactions:
- There is no mention of additional charges for using UPI with international mobile numbers for NRE or NRO accounts.
- The article suggests that customers may not have to bear charges, even in scenarios like credit card transactions.
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Benefits and Impact:
- Yashwant Lodha describes the move as a "game-changer," providing NRIs with a seamless and beautiful payment experience similar to that of Indian residents.
- The change eliminates operational hassles faced by NRIs who previously needed an Indian phone number for UPI access.
In summary, the integration of international mobile numbers for UPI access for NRIs, especially in the context of NRE and NRO accounts, marks a significant step toward enhancing the global accessibility and convenience of digital payments in India.
