UPI is a payment system that allows customers to pay merchants, transfer money between banks, and even settle bills without the need for any physical cards or cash. This was a breakthrough in the banking sector when it was launched
The Unified Payments Interface (UPI) has revolutionized the way transactions are made in India. With just a phone number, a user can send money to almost anyone within the country.
Previously, the phone numbers had to be from within India, limiting the usability for users who had phone numbers from abroad. However, the Indian government has now taken a step forward by enabling UPI usage for Non-Resident Indians (NRIs) as well.
Account holders having Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts can now access the UPI service on their international mobile numbers.
As a result of this new rule, Indian citizens living and working in Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the USA, Saudi Arabia, United Arab Emirates, and the United Kingdom can now use the UPI service with ease. This move is likely to benefit the hundreds of thousands of Indian students studying abroad including those in the above-mentioned countries as well as other people who have left India for work or family reasons. UPI service will enable them to make and receive payments with much ease and convenience.
