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NRIs can now send funds via UPI apps
Inward remittances from other countries are so far processed only through payment modes such as NEFT, IMPS and RTGS
Hyderabad: Inward remittances from other countries are so far processed only through payment modes such as NEFT, IMPS and RTGS. Now, anyone from the Merchantrade network countries can do real-time remittances to the people in India using UPI apps such as BHIM, Google pay and Amazon pay.
Malaysia-based mobile virtual network operator provider has partnered with NPCI International (NIPL) - a wholly-owned subsidiary of National Payments Corporation of India to facilitate real-time remittances to beneficiary banks in India via UPI IDs.
This partnership will help Non-Resident Indian (NRI) partners to push funds to beneficiaries on-boarded on UPI apps. The solution will assist with beneficiary name matching and facilitate all the requisite compliance checks in a safe, secure, and convenient manner.
Ritesh Shukla, Chief Executive Officer of NIPL said: "India, today is a top market for inward remittance globally, receiving around $83 billion per annum remitted by over 30 million expats and Persons of Indian Origin (PIO) overseas."
"We are focused on bringing about the superior cross-border experience through our cutting-edge real-time payment solution – UPI.
Our partnership with Merchantrade will enable customers to enjoy greater efficiency, speed, convenience, and transparency through UPI platform's real-time capabilities."