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Home / Business / IndusInd Bank ties up with NPCI to use UPI for remittances

IndusInd Bank ties up with NPCI to use UPI for remittances

The arrangement will do away with the necessity of remembering one’s bank account while transferring money
Representational image.
Representational image.
File photo

Our Special Correspondent   |   Mumbai   |   Published 28.12.21, 01:15 AM

IndusInd Bank has tied up with the National Payments Corporation of India (NPCI) to offer real-time cross-border remittances by using the UPI IDs of the beneficiaries. The bank is the first lender to offer this facility.

The arrangement will do away with the necessity of remembering one’s bank account while transferring money.

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Under the arrangement, money transfer operators (MTO) partners of the bank will connect with NPCI’s UPI payment systems for validation and cross-border payments into the accounts of benficiaries. IndusInd said it has thus become the first Indian bank to go live on UPI for cross-border payments or NRI remittances.

Thailand pact

IndusInd has started with Thailand for foreign inward remittance through UPI. It has partnered DeeMoney a financial solutions provider offering money transfers and foreign currency exchange services in that country.

Customers using the DeeMoney website can easily transfer funds just by adding the beneficiary’s UPI ID.

IndusInd Bank added that it also plans to add more partners in various other countries for cross border-payments through UPI in the near future.

“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,” Soumitra Sen, head – consumer banking & marketing, IndusInd Bank said.

“Individuals residing overseas will now be able to transfer money to a beneficiary by simply adding their UPI IDs, without having to remember their bank account details,’’ Sen said.

Sen added that enabling foreign remittance through UPI is a major milestone towards strengthening its usage as a platform, and this will go a long way in enhancing its adoption by NRIs across geographies.



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