IndusInd Bank and the National Payments Corporation of India (NPCI) have announced a partnership to provide real-time cross-border payments using the Unified Payments Interface (UPI). 

Through this move, Indians may now receive transfer money from their international sources in a far more convenient manner. NPCI is committed to delivering technological advancements to retail payment systems and is working tirelessly to convert India into a digital economy. 

To help India achieve its goal of becoming a completely digital society, it is supporting secure payment options with broad accessibility at a low cost. Praveena Rai, NPCI’s Chief Operating Officer, hopes that the effort would make foreign remittances considerably easier and more efficient for UPI users. 

IndusInd Bank has made history by being the first Indian bank to implement UPI for international transfers and NRI remittances. The Money Transfer Organization (MTOs) will link with NPCI’s UPI payment systems via the IndusInd Bank channel for validation and cross-border payment settlement into beneficiary accounts under this agreement. 

Individuals residing abroad will now be able to transfer money to a beneficiary by just entering their UPI ids, rather than needing to remember their bank account credentials, which is a huge step toward simplifying remittances as a service. 

UPI for cross-border payments would allow remitters to transmit money to their Indian beneficiaries in a safe, secure, and convenient manner, without having to memorize beneficiary account numbers, IFSC, visit the bank, fill out lengthy forms, and so on. 

IndusInd Bank has partnered with DeeMoney, a Thailand-based financial solutions company that offers money transfers and foreign currency conversion services, to offer Foreign Inward remittance (FIR) using UPI. 

Customers that use the DeeMoney website may effortlessly transfer funds by simply entering the UPI ID of the beneficiary. Shortly, IndusInd Bank wants to add more partners in different other countries for cross-border payments via UPI. 

This collaboration will allow IndusInd Bank’s partners to facilitate transfer payments from Non-Resident Indians (NRIs) and People of Indian Origin (PIOs) living all over the world to their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts, and also to their relatives in india.