IndusInd Bank partners with NPCI to offer cross-border payments via UPI

“With this initiative, IndusInd Bank became the first Indian bank to go online on UPI for Cross Border Payments / NRI Remittances. As part of the agreement, MTOs will use the IndusInd Bank channel to connect to NPCI’s UPI payment systems for the validation and settlement of cross-border payments to beneficiary accounts, ”the statement said.

IndusInd Bank started with Thailand for Foreign Remittances (FIR) through UPI.

DeeMoney – a Thailand-based financial solutions provider offering money transfer and currency exchange services. Customers using the DeeMoney website can easily transfer funds by simply adding the UPI ID of the payee.

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

Commenting on this partnership, Mr. Soumitra Sen, Head of Consumer Banking and Marketing at IndusIndBank, said: “At IndusInd Bank, we are constantly striving to deliver innovative proposals that provide clients 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 money transfer system, which allows NRIs to send money to a beneficiary in India using their UPI identifier via our partner Exchange Houses, Banks and Money Transfer operators. This is an important step towards simplifying remittances as a feature, as people residing overseas will now be able to easily transfer money to a recipient just by adding their UPI credentials, without having to remember to their bank details. We believe that enabling overseas remittances through UPI is a major step towards strengthening its use as a platform and will go a long way in improving its adoption by NRIs in all geographies. “

Ms. Praveena Rai, COO, NPCI said: “We are delighted to partner with IndusInd Bank. We believe this initiative will provide a much simpler and more efficient money transfer experience for international travelers using UPI. We are convinced that our association would act as one of the main factors contributing to the evolution of cross-border payments through UPI. With UPI venturing into cross-border remittances, we look forward to witnessing significant growth in UPI transaction volumes in the years to come. “

This collaboration will allow IndusInd Bank partners to facilitate remittances from Non-Resident Indians (NRIs) and People of Indian Origin (PIO) living across the world to transfer money to their non-resident external accounts. residents (NRE) and ordinary non-residents (NRO). as well as their families and relatives in India.