UPI Service Launched New Countries: India will soon make UPI i.e. Unified Payment Interface globally. This initiative is currently being done for ten countries. If this happens then Indians living in these countries will be able to make UPI payments using their international mobile numbers.
Not only this, NRIs ie Overseas Indians from these ten countries can also use UPI service for transactions without depending on their phone number in India.
The countries where this initiative is being launched include Singapore, USA, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, UAE and United Kingdom. According to National Payments Corporation of India, accounts like NRE/NRO having international mobile number can do transactions using UPI. Payments Corporation has issued instructions to partner banks and given them time till April 30 to comply.
NRI and NRO account holders will be able to do transactions
An NRI account helps NRIs to transfer foreign earnings to India. Whereas, an NRO account helps them manage the income earned in India. However, a condition has also been kept for this and that is that the banks have to ensure that such accounts have to be permitted as per the rules of Foreign Exchange Management Act.
Also, the guidelines issued by the Reserve Bank of India in this regard will have to be followed and security against money laundering or terrorist financing will have to be followed.
UPI transactions worth 12 lakh crores happened in December
Let us tell you that a cabinet committee headed by Prime Minister Narendra Modi on Wednesday approved a total scheme of Rs 2600 crores to promote RuPay debit cards and low-value BHIM-UPI transactions. . According to officials, the larger UPI will be of great help to international students, families living abroad and local businesses.
Financial incentives will also be provided to banks under this scheme to promote transactions using RuPay and UPI. In this regard, Prime Minister Modi said in a tweet, India’s progress in digital payments will be further strengthened by the Cabinet’s decision to promote RuPay Debit Card and BHIM-UPI transactions.
There has been a huge jump in UPI transactions in just six years. UPI transactions worth over Rs 12 lakh crore happened in December last year.
