NRIs can now send funds via UPI apps
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."
