IndusInd Bank partners with NPCI to offer cross-border payments via UPI

IndusInd Bank partners with NPCI to offer cross-border payments via UPI

IndusInd Bank has partnered with the National Payments Corporation of India (NPCI) for offering real-time cross-border remittances to India using UPI IDs, for its Money Transfer Operator (MTO) partners.
With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for Cross Border Payments/NRI Remittances.
Under this arrangement, the MTOs will be using the IndusInd Bank channel to connect with NPCI’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts.
IndusInd Bank has started off with Thailand for Foreign Inward Remittance (FIR) through UPI.

DeeMoney – a Thailand based financial solutions provider offering money transfers and foreign currency exchange services. Customers using DeeMoney website can easily transfer funds just by adding the beneficiary’s UPI ID.
IndusInd Bank also plans to add more partners in various other countries for cross border-payments via UPI in the near future.
IndusInd management is confident that the association would act as one of the major contributing factors towards the evolution of cross-border payments through UPI. With UPI venturing into crossborder remittances, the private sector lender is looking forward to witnessing significant growth in UPI’s transaction volumes in the years to come.

Disclaimer –
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.