For its Non-Resident Indian (NRI) clients, ICICI Bank has now launched UPI payments, enabling them to utilize their foreign phone numbers.
This service is available to NRI customers of ICICI Bank who live in ten countries in partnership with the National Payments Corporation of India (NPCI).
ICICI Launches UPI For NRIs
NRI clients who have international mobile numbers linked to their NRE/NRO bank accounts with ICICI Bank in India can now use those numbers to pay utility bills, conduct merchant transactions, and do online shopping.
NRIs no longer need to establish an Indian mobile number in order to make UPI payments because the service is accessible through the ICICI Bank mobile banking app, iMobile Pay. By utilizing any Indian bank account or cellphone number, sending money to UPI IDs, or scanning Indian QR codes, NRIs can make UPI payments.
Customers must log in, validate their mobile number, create a UPI ID, and choose their account number in order to activate the UPI feature using iMobile Pay.
Daily Limit of 1 Lakh Daily; No Fees For UPI Payments
For NRIs, ICICI Bank offers a daily UPI transaction limit of Rs 1 lakh, with no fees associated with using UPI to make payments.
The Head of ICICI Bank’s Digital Channels and Partnerships, Sidharatha Mishra, highlights that NRI clients can now utilize UPI without having to convert to an Indian mobile number. He stated, “With this facility, the NRI customers of the bank can make payments for their utility bills, merchant and e-commerce transactions with their international mobile number registered with their NRE/NRO bank account held with ICICI Bank in India.”
UPI is being used by NRI customers who want to make use of NPCI’s UPI infrastructure for international digital payments, and the bank is receiving excellent response from them. Internationally, UPI is gaining traction as nations examine adopting it to streamline cross-border money transfers, including Ghana, Nigeria, Singapore, and the United Arab Emirates.
Namibia is one of the nations with whom NPCI International is working to create similar payment systems. Contributing to UPI’s global spread are the countries that have already implemented it: Sri Lanka, Mauritius, Bhutan, Nepal, UAE, and Canada.
The potential of UPI to completely transform digital payments globally is demonstrated by its success overseas. The initiative by ICICI Bank is in line with the wider trend of using digital infrastructure to make foreign transactions easier.
