IndusInd Bank Partners NPCI To Offer Cross-Border Remittances Through UPI

The money transfer operators will now be using the IndusInd Bank channel to connect with NPCI’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts

New Delhi: IndusInd Bank has tied up with National Payments Corporation of India (NPCI) to offer real-time cross-border remittances to India using UPI IDs, for its money transfer operator (MTO) partners, the bank said in a statement on Monday.

Under this arrangement, the money transfer operators (MTOs) will be using the IndusInd Bank channel to connect with National Payments Corporation of India (NPCI)’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts.

This deal will enable partners of IndusInd Bank to facilitate remittances from Non-Resident Indians (NRI) and People of Indian Origin (PIO) living across the globe to transfer money to their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts as well as to their families and relatives back in India.

IndusInd Bank has started off with Thailand for Foreign Inward Remittance (FIR) through UPI.

The private lender also plans to add more partners in various other countries for cross border-payments through UPI in the near future.

The bank’s standalone net profit surged 72 per cent to Rs 1,113.53 crore on an 8.6 per cent increase in total income to Rs 9,487.56 crore in Q2 FY22 over Q2 FY21.

Shares of IndusInd Bank shed 2.44 per cent to Rs 839.70 on the BSE during intra-day trade. IndusInd Bank caters to both consumer and corporate customers.

Soumitra Sen, head – consumer banking and marketing, IndusInd Bank, said, “At IndusInd Bank, it’s been our constant endeavour to bring forth path-breaking propositions that provide customers with a seamless banking experience. In keeping with this approach, we are proud to partner with NPCI to introduce the country’s first UPI-based cross border remittance facility, which enables NRIs to send money to a beneficiary in India using their UPI ID through our partner Exchange Houses, Banks and Money Transfer Operators.”

NPCI Chief Operating Officer Praveena Rai hoped that the initiative will offer a much simpler and more efficient remittance experience for international travellers using UPI.

“We are confident that our association would act as one of the major contributing factors towards the evolution of cross-border payments through UPI,” she said.