IndusInd Bank ties up with NPCI to offer cross-border payments through UPI IDs.
- ByStartupStory | December 28, 2021
IndusInd Bank has joined hands with the National Payments Corporation of India (NPCI) to offer real-time cross-border remittances to India using UPI IDs, for its money transfer operator (MTO) partners. Under this arrangement, the MTOs will use the IndusInd Bank channel to connect with the NPCI’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts.
Head of consumer banking and marketing at IndusInd Bank, Soumitra Sen said in a statement, “It’s a significant step towards simplifying remittances as a 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,” Soumitra Sen, head (consumer banking and marketing) at IndusInd Bank.
NPCI Chief Operating Officer Praveena Rai said, “We are confident that our association would act as one of the major contributing factors towards the evolution of cross-border payments through UPI,”. She added that she hoped that the initiative will offer a much simpler and more efficient remittance experience for international travellers using UPI.
With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for cross-border payments or NRI remittances. It started with Thailand for foreign inward remittance (FIR) through UPI by using DeeMoney.
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