As the world becomes increasingly interconnected, more and more people are living and working abroad. However, many of these individuals face challenges when it comes to accessing financial services in their home countries. This is especially true for non-resident Indians (NRIs) who want to use the Unified Payments Interface (UPI) in India but have international mobile numbers. Fortunately, the National Payments Corporation of India (NPCI) has recently announced that it will allow NRIs to use their international mobile numbers with UPI, making it easier for them to manage their finances.
What is UPI?
UPI is a real-time payment system that allows users to transfer money between bank accounts instantly using a mobile device. Developed by NPCI, UPI is a popular payment method in India and has seen tremendous growth in recent years. UPI is secure, convenient, and cost-effective, making it an attractive option for both individuals and businesses.
Why is this important for NRIs?
NRIs often face challenges when it comes to accessing financial services in India. One of the main issues is that many financial services require users to have an Indian mobile number. This can be a major hurdle for NRIs who want to use UPI to transfer money to their family or friends in India, pay bills, or make online purchases. By allowing NRIs to use their international mobile numbers with UPI, NPCI is addressing a major pain point and making it easier for NRIs to access financial services in India.
How does it work?
NRIs who want to use UPI with their international mobile numbers will need to follow a few simple steps. First, they will need to download a UPI-enabled mobile app from the Google Play Store or the Apple App Store. Next, they will need to select the option to register with an international mobile number. They will then need to provide their personal details, such as their name, address, and date of birth, as well as their international mobile number and email address. Finally, they will need to link their bank account to the UPI app, either by providing their account details or by using their debit card.
Once the registration process is complete, NRIs will be able to use UPI to make transactions just like any other user. They will be able to transfer money to other UPI users, pay bills, make online purchases, and more. They will also be able to check their account balance, view transaction history, and manage their UPI account using their mobile device.
Benefits of UPI for NRIs with foreign phone numbers –
Unified Payment Interface (UPI) is a fast and convenient way for NRIs with foreign phone numbers to manage their finances in India. Here are some of the key benefits of UPI for NRIs with foreign phone numbers:
- Easy and convenient transactions: UPI allows NRIs with foreign phone numbers to send and receive money instantly from anywhere in the world. With just a few clicks on their mobile devices, NRIs can transfer money to their friends and family members, pay bills, and make purchases online without any hassle.
- Low transaction fees: Compared to other payment methods, UPI offers low transaction fees, making it a cost-effective way for NRIs with foreign phone numbers to manage their finances in India.
- No need to remember bank account details: With UPI, NRIs with foreign phone numbers don’t need to remember their bank account details or share them with others. Instead, they can create a unique UPI ID, which can be used to send and receive money from anyone using UPI.
- Secure transactions: UPI offers multiple security features, such as two-factor authentication, which ensures that all transactions are secure and protected from fraudsters.
- Wide acceptance: UPI is widely accepted across India, making it easy for NRIs with foreign phone numbers to use it for a variety of transactions, such as shopping, paying utility bills, and transferring money to their loved ones.
Security measures for UPI transactions with foreign phone numbers –
Security is a critical concern for NRIs with foreign phone numbers who use UPI to manage their finances in India. Fortunately, UPI provides several security measures to protect transactions and personal information. Here are some of the security measures that NRIs with foreign phone numbers can expect when using UPI:
- Two-factor authentication: UPI uses two-factor authentication to ensure that transactions are secure. This means that before a transaction can be completed, the user must enter a password or PIN and also provide a fingerprint or a one-time password (OTP) that is sent to their registered mobile number.
- Encryption: UPI uses encryption to protect user information and transactions. All data exchanged between the user’s device and the UPI system is encrypted, making it difficult for anyone to intercept or access the data.
- App-level security: UPI-enabled apps use app-level security measures to protect user data and transactions. For example, the app may require users to set a strong password or PIN and log in to the app before accessing their UPI account.
- Transaction limits: UPI has daily transaction limits that restrict the amount of money that can be transferred in a single day. This helps prevent fraudulent transactions and limits the potential financial loss in case of a security breach.
- Report suspicious activity: If an NRI with a foreign phone number notices any suspicious activity on their UPI account, they should immediately report it to their bank or the UPI-enabled app’s customer service team.
Impact of NPCI’s decision to allow NRIs to use foreign phone numbers with UPI –
The National Payments Corporation of India’s (NPCI) decision to allow NRIs to use foreign phone numbers with UPI has had a significant impact on the financial landscape of India. Here are some of the ways in which this decision has impacted NRIs and the Indian economy:
- Increased convenience for NRIs: NRIs with foreign phone numbers can now easily manage their finances in India using UPI without the need to have an Indian mobile number. This has made it much more convenient for NRIs to access banking services and send and receive money in India.
- Greater financial inclusion: The decision to allow NRIs to use foreign phone numbers with UPI has increased financial inclusion in India. NRIs who were previously excluded from Indian banking services due to the requirement of an Indian mobile number can now access these services using their foreign phone numbers.
- Boost to the Indian economy: By allowing NRIs to use foreign phone numbers with UPI, NPCI has made it easier for NRIs to invest in the Indian economy. This has led to an increase in foreign investment and a boost to the Indian economy.
- Increased competition in the digital payments space: The decision to allow NRIs to use foreign phone numbers with UPI has increased competition in the digital payments space in India. This has led to an increase in innovation and improvements in the quality of digital payment services offered in the country.
Overall, the decision by NPCI to allow NRIs to use foreign phone numbers with UPI has had a positive impact on both NRIs and the Indian economy. It has increased convenience, financial inclusion, and foreign investment in the country while also boosting competition and innovation in the digital payments space.
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