UPI payment: How NRIs would benefit from global expansion of this Made-in-India system
UPI for Non-Resident Indians (NRIs). He highlights the ease of sending funds for critical and immediate needs like healthcare and education, even from thousands of miles away. Traditionally, NRIs have relied on various methods to send money back to India, each with its own set of complexities and limitations.
“The introduction of the UPI for NRIs has been a game-changer, especially in terms of money transfers. UPI simplifies the entire process by enabling quick and easy transfers directly from a mobile device," said Kunal Varma, CEO and Co-Founder, Freo. NRIs can use UPI while staying abroad by linking their Non-Resident Ordinary (NRO) or Non-Resident External (NRE) accounts with a UPI-enabled app, added Kunal.
1)UPI transactions do not require the sender to input lengthy bank account details of the recipient. Instead, they can simply use a UPI ID or a QR code or phone number, which substantially reduces the chance of errors. 2) Lower cost of transactions.
3)UPI provides enhanced security features, which is a critical aspect of any financial transaction. The transaction process through UPI is secured with a two-factor authentication system, adding an extra layer of security compared to some traditional methods. Ensure you have an NRO or NRE account with a bank in India that supports UPI transactions.
Register your foreign mobile number with your bank account. This is crucial because UPI apps use mobile numbers for verification. Select a UPI-enabled app.
Many Indian banking apps and third-party apps like Google Pay, PhonePe, Paytm, and others support UPI transactions. Install the chosen UPI app on your smartphone. During the setup process, you will need to verify your mobile number.
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