UPI provided credit access to poor, fuelled equitable growth: Study
The authors said that the success of UPI can be replicated in other countries as well and India can play a leading role in helping them adopt the fintech system.
Earlier, NRIs had to register an Indian mobile number with their banks to make UPI payments.
ICICI Bank on Monday announced that it has enabled NRI (Non-Resident Indian) customers to use their international mobile number to make UPI payments instantly in India.
This will allow the bank’s NRI customers to make payments for their utility bills, merchant and e-commerce transactions with their international mobile number registered with their NRE/NRO bank account held with ICICI Bank in the country.
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“This launch reinforces our commitment to provide our NRI customers with innovative solutions, for them to have a safe, secure and hassle-free payment experience,” Sidharatha Mishra, Head – Digital Channels and Partnerships, ICICI Bank, said in a statement.
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To provide UPI facility to NRI customers, the bank partnered with the National Payments Corporation of India (NPCI). The bank will make this service available via its mobile banking app, iMobile Pay.
Earlier, NRIs had to register an Indian mobile number with their banks to make UPI payments.
“With this facility, our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI,” Mishra said.
The bank offers this facility in the US, the UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar and Saudi Arabia.
NRI customers of the bank can make UPI payments by scanning any Indian QR code, sending money to a UPI ID or any Indian mobile number or Indian bank account.
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