From Local to Global: The Power of UPI International Payments

On 8 February 2023, The Reserve Bank of India (RBI) has allowed non-resident Indians (NRIs) to make payments through the Unified Payments Interface (UPI) using international mobile numbers. This move is part of the RBI's efforts to expand the digital economy and make it easier for NRIs to access UPI services.

In order to use UPI with an international mobile number, NRIs must have a non-resident external (NRE) or non-resident ordinary (NRO) account with an Indian bank linked to their international mobile number. The National Payments Corporation of India (NPCI) has issued guidelines instructing members of the UPI ecosystem to permit only these types of accounts for NRIs using international mobile numbers.

This move will also benefit foreign travelers from G20 countries, who will soon be able to use UPI payments facility when visiting India. The RBI has proposed that these travelers will be able to access UPI at select international airports in India.

UPI Payment Internationally

Non-Resident Indians (NRIs) in ten countries will soon be able to make payments via UPI with their international mobile numbers. This is due to a recent move by the National Payments Corporation of India (NPCI) which issued an operating circular on 10 January 2023 allowing NRIs to use Unified Payments Interface (UPI) with their international mobile numbers.

In order to access UPI services, NRIs must possess Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts linked to international mobile numbers. This move eliminates the need for NRIs to obtain an Indian number, which was previously a hassle for them. The ten countries where NRIs can avail of UPI services are Canada, the United States, Australia, Singapore, the United Arab Emirates, the United Kingdom, Saudi Arabia, Hong Kong, Oman, and Qatar.

The NPCI's operating circular also instructs members of the UPI ecosystem to permit only non-resident account types such as NRE/ NRO accounts with Indian banks linked to international mobile numbers to get onboarded on UPI and make transactions. This move will help NRIs pay from their Indian bank accounts to Indian merchants without relying on their India mobile phone number.

How to use UPI for International payment

According to the Reserve Bank of India (RBI), all inbound travellers from G20 countries arriving at select international airports in India can use Unified Payments Interface (UPI) payments for their merchant payments while they are in the country. This facility is available to non-resident Indians (NRIs) who have international mobile numbers linked to their NRE/NRO accounts, as well as foreign travelers coming to India.

The UPI-linked wallets will be issued by private lenders ICICI Bank, IDFC First Bank along with two non-bank PPI issuers named Pine Labs Private Limited and Transcorp International Limited. The delegates from G20 nations can also avail this UPI facility at meeting venues.RBI Governor Shaktikanta Das said that UPI had become an ubiquitous payment instrument for retail electronic payments in India and that allowing UPI access to travellers from G20 countries is a great initiative by RBI to increase the global acceptance of UPI. He added that this development will ease the process of making payments for foreign travellers visiting India.

UPI International Payment Limits

The Reserve Bank of India (RBI) has increased the transaction limit for Unified Payments Interface (UPI) from ₹100,000 to ₹500,000 for Retail Direct Scheme and Initial Public Offering (IPO) applications. This increase in the transaction limit was first implemented in March 2020, and then again in December 2021.

In addition, UPI is now available for international payments to India through two platforms: Wise and Western Union. With these platforms, users can send up to ₹200,000 in one transfer. The RBI is also pushing for internationalization of UPI with nations using United States dollar, Pound sterling and Euro under bilateral treaties. PhonePe has also extended support of UPI for international payments in UAE, Singapore, Mauritius, Nepal and Bhutan.

UPI Apps For International Payments

There are several apps that support UPI international payments, including Google Pay, Paytm, BHIM App, MobiKwik, Uber, Chillr and Paytm Payments Bank. Non-Resident Indians (NRIs) can now access UPI services using their international mobile numbers in ten countries. To make an international transfer using UPI, the recipient must have a UPI account with their ID ready. International transfers to India can be made through two platforms: Wise and Western Union. Onboarding merchants to accept the UPI payments in the foreign markets is a key test for India’s National Payments Corporation of India (NPCI).

UPI has been successful in transforming India's digital economy and accelerating the country's transition to a cashless society.In June 2022, the Reserve Bank of India (RBI) released its Payments Vision 2025 document, which will push for internationalization of UPI with nations using United States dollar, Pound sterling and Euro under bilateral treaties. This will allow for instant, low-cost, cross-border fund transfers between countries that have adopted UPI. Additionally, customers only need to share a virtual address when making payments through UPI, providing them with greater security and privacy.Overall, the Unified Payments Interface has been successful in providing a secure and efficient platform for digital payments. With its internationalization efforts underway, it is likely that UPI will become an increasingly popular choice for international payments in the near future.

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