ICICI Bank, in a further move to bolster the unified payments interface (UPI), has opened the door for its Non-Resident Indian (NRI) clientele to enroll in UPI services using their international mobile numbers, facilitating seamless transactions within India.
NRI customers of ICICI Bank can now utilize their international mobile numbers, linked to their Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts in India, to engage in a spectrum of UPI-enabled activities, spanning bill payments, online purchases, and offline transactions.
Partnering with the National Payments Corporation of India (NPCI), ICICI Bank has extended this feature to encompass mobile numbers from ten countries, including the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar, and Saudi Arabia.
Sidharatha Mishra, head of digital channels and partnerships at ICICI Bank, underscored the significance of this initiative, stating, “We are witnessing a positive response from our NRI customers who have started using this facility. With this initiative, we intend to leverage on NPCI’s UPI Infrastructure in strengthening and transforming the digital payments ecosystem globally.”
Similar to domestic account holders, NRIs banking with ICICI can effectuate UPI transactions by scanning QR codes or transferring funds to UPI IDs, Indian mobile numbers, or domestic bank accounts.
Presently, NRIs are subject to a daily transaction cap of INR 1 Lakh, mirroring the limit imposed on domestic account holders. Notably, there are no transaction fees levied on NRIs for utilizing UPI under this arrangement.
The success of UPI in nations like Singapore and the UAE, where numerous merchants have embraced the network for processing payments, underscores its global potential. As reported by TOI, UPI’s footprint is set to expand to Ghana imminently.
India and Ghana are collaboratively streamlining and reducing the expenses associated with cross-border remittances between the two countries. Integral to this endeavor is the integration of UPI with the Ghana Interbank Payment and Settlement Systems (GHIPSS), enabling swift and cost-effective fund transfers between individuals in both nations. The Department of Commerce in India anticipates the integration of India’s UPI with GHIPSS within the next six months.
Furthermore, efforts are underway to introduce UPI services in Nigeria. NPCI International, entrusted with spearheading UPI’s global outreach, recently inked a partnership with Namibia aimed at fostering the development of a parallel payment system.
