The National Payments Corporation of India (NPCI) is poised to expand the Bharat Bill Payment System (BBPS) to cater to Non-Resident Indians (NRIs) residing in the United Kingdom (UK). This development follows a remarkable milestone in the world of digital payments, with UPI (Unified Payments Interface) recording an impressive 10.24 billion transactions totaling Rs 15.18 lakh crore in August 2023. NPCI is the entity behind India’s UPI, a pivotal digital payment system.

So, what does this mean for NRIs in the UK? Essentially, it will enable UK-based NRIs to conveniently settle bills on behalf of their family members back in India, introducing an added layer of convenience to the payment process. This initiative, initiated by the Reserve Bank of India (RBI) in September 2022, has already been implemented for NRIs in countries like Oman, Kuwait, Bahrain, and the United Arab Emirates.

Noopur Chaturvedi, the CEO of NPCI Bharat BillPay, emphasized that while this service caters to a niche audience, it holds the promise of simplifying the payment process. This will be especially beneficial for elderly family members in India who might encounter difficulties when making online payments. Previously, NRIs had to transfer funds to their family’s accounts in India, which were then used for bill payments. This new system is expected to streamline the process significantly, reducing the number of steps from two to one.

Despite its potential, the adoption of this service has been relatively slow, with only 300-400 cross-border transactions recorded in August 2023. Nonetheless, NPCI remains optimistic about its future and has plans to extend the service to other countries with substantial NRI populations, such as Canada and Singapore.

This development was discussed during the G20 Leaders’ Summit in New Delhi, where India showcased its advancements in the digital payments sector. India has actively encouraged collaborations in the digital payments space with other nations, connecting India’s Unified Payments Interface (UPI) with fast-payment services on a global scale.

This initiative aligns with India’s broader objectives during its G20 presidency, which includes enhancing global financial inclusion through technological innovations and digital public infrastructure.

Finance Minister Nirmala Sitharaman lauded India’s progress in the fintech sector, noting that the country has become the first globally to develop all three foundational pillars of digital public infrastructure: a digital identity module, digital payments, and a platform for sharing personal data with privacy safeguards.

The National Payments Corporation of India (NPCI) is poised to expand the Bharat Bill Payment System (BBPS) to cater to Non-Resident Indians (NRIs) residing in the United Kingdom (UK). This development follows a remarkable milestone in the world of digital payments, with UPI (Unified Payments Interface) recording an impressive 10.24 billion transactions totaling Rs 15.18 lakh crore in August 2023. NPCI is the entity behind India’s UPI, a pivotal digital payment system.

So, what does this mean for NRIs in the UK? Essentially, it will enable UK-based NRIs to conveniently settle bills on behalf of their family members back in India, introducing an added layer of convenience to the payment process. This initiative, initiated by the Reserve Bank of India (RBI) in September 2022, has already been implemented for NRIs in countries like Oman, Kuwait, Bahrain, and the United Arab Emirates.

Noopur Chaturvedi, the CEO of NPCI Bharat BillPay, emphasized that while this service caters to a niche audience, it holds the promise of simplifying the payment process. This will be especially beneficial for elderly family members in India who might encounter difficulties when making online payments. Previously, NRIs had to transfer funds to their family’s accounts in India, which were then used for bill payments. This new system is expected to streamline the process significantly, reducing the number of steps from two to one.

Despite its potential, the adoption of this service has been relatively slow, with only 300-400 cross-border transactions recorded in August 2023. Nonetheless, NPCI remains optimistic about its future and has plans to extend the service to other countries with substantial NRI populations, such as Canada and Singapore.

This development was discussed during the G20 Leaders’ Summit in New Delhi, where India showcased its advancements in the digital payments sector. India has actively encouraged collaborations in the digital payments space with other nations, connecting India’s Unified Payments Interface (UPI) with fast-payment services on a global scale.

This initiative aligns with India’s broader objectives during its G20 presidency, which includes enhancing global financial inclusion through technological innovations and digital public infrastructure.

Finance Minister Nirmala Sitharaman lauded India’s progress in the fintech sector, noting that the country has become the first globally to develop all three foundational pillars of digital public infrastructure: a digital identity module, digital payments, and a platform for sharing personal data with privacy safeguards.