IndusInd Bank has partnered with the National Payments Corporation of India (NPCI) to offer its Money Transfer Operator (MTO) partners real-time cross-border remittances to India utilising UPI IDs.
In a statement, the private sector bank stated to be the first Indian bank to implement UPI for cross-border payments and NRI remittances. The 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 arrangement.
This agreement will allow IndusInd Bank's partners to ease remittances from Non-Resident Indians (NRIs) and People of Indian Origin (PIOs) living all over the world to their NRE and NRO accounts, as well as to their families and relatives in India. For Foreign Inward Remittance (FIR) via UPI, IndusInd Bank has started with Thailand.
Customers who use DeeMoney's website (a Thailand-based financial solutions provider that offers money transfers and foreign currency exchange services) can simply transfer funds by adding the beneficiary's UPI ID, according to the bank. IndusInd Bank further stated that it wants to add more cross-border payment partners in various countries using UPI in the near future.
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