IDFC FIRST Bank has launched a groundbreaking service enabling Non-Resident Indians (NRIs) in 12 countries to make UPI payments using their international mobile numbers. This Tuesday's launch eliminates the need for Indian SIM cards while offering real-time, fee-free INR transactions directly from NRE or NRO accounts through the bank's mobile app.
The facility extends to IDFC FIRST Bank customers in Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK, and the US. NRIs can send and receive money using UPI IDs, QR codes, or mobile numbers for everyday transactions, including bill payments and fund transfers.
Ashish Singh, head of retail liabilities, emphasized that the service empowers NRI customers to transact with the same ease as domestic users, regardless of geographical boundaries.
This development follows the National Payments Corporation of India's January 2023 circular permitting UPI access for NRIs using international mobile numbers. Member banks were mandated to implement this feature by April 30, 2023. Initially available in 10 countries, the facility later expanded to include France and Malaysia.
All accounts must maintain KYC compliance, with transactions adhering to RBI and FEMA regulations. Banks remain responsible for conducting comprehensive anti-money laundering and compliance checks.
IDFC FIRST Bank joins major players, including ICICI Bank, HDFC Bank, Axis Bank, and Federal Bank, in offering UPI access to NRIs. This initiative significantly reduces the cost and complexity of managing finances from abroad. The move aligns with the bank's digital-first approach, contributing to its growth of 35.5 million customers. The bank's globally ranked mobile app continues delivering secure, seamless digital banking services worldwide.
This UPI enablement represents a significant milestone in digital banking for overseas Indians, eliminating traditional barriers like maintaining Indian mobile numbers. IDFC FIRST Bank's implementation demonstrates the banking sector's commitment to serving the global Indian diaspora through innovative financial technology solutions, making cross-border transactions more accessible and efficient than ever before.