SUMMARY
ICICI Bank’s NRI customers can use their international mobile numbers, registered with their NRE/NRO bank accounts in India, for UPI-powered bill payments, online and offline transactions
The service is accessible through the bank’s mobile banking app, iMobile Pay
The bank has collaborated with the National Payments Corporation of India (NPCI) to enable this feature for numbers from ten countries
In another push for the unified payments interface, ICICI Bank has allowed NRI customers to sign up for UPI using international mobile numbers to make payments within India.
ICICI Bank’s NRI customers can use their international mobile numbers, registered with their NRE/NRO bank accounts in India, for UPI-powered bill payments, online and offline transactions.
The bank has collaborated with the National Payments Corporation of India (NPCI) to enable this feature for numbers from ten countries, including the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar, and Saudi Arabia.
Speaking on the initiative, Sidharatha Mishra, head of digital channels and partnerships at ICICI Bank, said, “We are witnessing a positive response from our NRI customers who have started using this facility. With this initiative, we intend to leverage on NPCI’s UPI Infrastructure in strengthening and transforming the digital payments ecosystem globally.”
Just like any Indian bank account holder, NRI customers of ICICI Bank can make UPI payments by scanning any QR codes or sending money to a UPI ID or registered Indian mobile number or Indian bank account.
Currently, the transaction limit of INR 1 Lakh per day is applicable for NRIs, just like Indian bank account holders. And there are no charges applicable for NRIs for paying through UPI under this system.
UPI has already seen success in countries like Singapore and the UAE, where many merchants have begun accepting payments made through the network. The payments interface is also expanding to Ghana soon, as per a TOI report.
India and Ghana are collaborating to simplify and reduce the cost of cross-border money transfers between the two nations, the report said.
Under this, UPI would be integrated with the Ghana Interbank Payment and Settlement Systems (GHIPSS), enabling individuals in both countries to transfer funds instantly and at a reduced cost. According to India’s Department of Commerce, India’s UPI is likely to be operational on the GHIPSS within the next six months.
Additionally, discussions are ongoing to introduce UPI in Nigeria. NPCI International, responsible for UPI’s global expansion, recently forged a partnership with Namibia to assist in the development of a comparable system.
It is pertinent to note that countries such as Sri Lanka, Mauritius, Bhutan, Nepal, UAE and Canada have also deployed UPI in their respective countries.
