Here’s the complete list of the countries that will soon let NRI users use UPI via international numbers.
- Hong Kong
- Saudi Arabia
- The UAE
- The UK
- The US
According to reports, the National Payments Corporation of India (NPCI) stated that it might eventually expand this to other nations.
What are the conditions?
The NPCI instructed those who are a part of the UPI ecosystem to allow non-resident account types, such as non-resident external (NRE) and non-resident ordinary (NRO) accounts, to sign up for and conduct transactions through UPI. It has requested that UPI participants make sure that only accounts that are compliant with the Foreign Exchange Management Act use this facility.
The NPCI stated that all members of the UPI ecosystem would be required to comply with its directions by April 30th. The remitter and beneficiary banks must also ensure that all necessary anti-money laundering/countering the financing of terrorism checks and compliance validation according to the rules are made.
Developed by NPCI, UPI is an instant payment solution that makes it possible to conduct peer-to-peer (P2P) and person-to-merchant (P2M) transactions between banks. It allows for the immediate transfer of money between two bank accounts using mobile devices.