The Unified Payments Interface (UPI) is a welcome move for Non-Resident Indians (NRIs). UPI enables NRIs to transfer money instantly, securely, and cost-effectively in India from overseas. Through UPI, an NRI can make payments or receive funds from any part of the world within seconds.
UPI also allows easy sharing of data between two banks in real time, enabling swift and secure money transfers. This is especially useful for NRIs who want to send money quickly and conveniently back home to their family members in India. They no longer need to worry about long delays associated with manual transactions or tedious paperwork and procedures related to traditional payment methods.
NRIs will be pleased to know that payments made or remittances made to India will be simple, as the Indian government has authorized the real-time payments solution the Unified Payments Interface (UPI). The NPCI, which manages retail payment systems in India, gave UPI ecosystem members a circular announcing it instructs residents to use non-resident accounts such as non-resident external (NRE) non-resident ordinary (NRO) accounts with international phone numbers.
NRIs have welcomed this move, as it helps make their visits to India easier on their finances.
List of the countries are below