IndusInd Bank Partners With NPCI To Offer Cross-border Payments Via UPI

IndusInd Bank has joined hands with the National Payments Corporation of India (NPCI) to offer real-time cross-border remittances to India through UPI IDs, for its Money Transfer Operator (MTO) partners. 

With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for Cross Border Payments/NRI remittances. The MTOs will use its channel to connect with NPCI’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts. 

“At IndusInd Bank, it’s been our constant endeavour to bring forth path-breaking propositions that provide customers 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 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,” said Head – Consumer Banking & Marketing, IndusInd Bank, Soumitra Sen.

It’s a significant step towards simplifying remittances as functionality, as individuals residing overseas will now be able to conveniently transfer money to a beneficiary by simply adding their UPI ids, without having to remember their bank account details. We believe, enabling foreign remittance through UPI is a major milestone towards strengthening its usage as a platform, and will go a long way in enhancing its adoption by NRIs across geographies, said Sen.

“We are pleased to partner with IndusInd Bank. We believe this initiative will offer a much simpler and more efficient remittance experience for international travellers using UPI. We are confident that our association would act as one of the major contributing factors towards the evolution of cross-border payments through UPI. With UPI venturing into cross-border remittances, we are looking forward to witnessing significant growth in UPI’s transaction volumes in the years to come," said COO at NPCI, Praveena Rai. 

This collaboration will enable partners of IndusInd Bank to facilitate remittances from Non-Resident Indians (NRI) and People of Indian Origin (PIO) living across the globe to transfer money to their Non-Residential External (NRE) and Non-Resident Ordinary (NRO) accounts as well as to their families and relatives back in India.