- IndusInd Bank on Monday announced that it has entered into a tie-up with National Payments Corporation of India (NPCI)
- Under this, UPI can now be used to call money from abroad.
- Indian citizens can now easily get money from their foreign sources
- With this initiative, IndusInd Bank has become the first bank in the country to offer the facility to call money abroad using UPI.
Indusind Bank UPI: Private sector IndusInd Bank has tied up with the National Payments Corporation of India (NPCI) to facilitate the process of remittances abroad using the UPI identity of the beneficiaries. With the introduction of this facility, a consumer will not need to remember his bank account details to send money. In this way, Indian citizens can now easily get money from their foreign sources.
IndusInd Bank said in a statement on Monday that it has joined hands with public payments platform NPCI to provide a facility to incubate money abroad on an instant basis with the help of UPI. With this initiative, IndusInd Bank has become the first bank in the country to offer the facility of remitting money from abroad using UPI.
If you have an account in this bank, then keep an eye on every update, the Reserve Bank has intervened
The Money Transfer Service Provider (MTO) will verify the validity by connecting to NPCI’s UPI payment system using IndusInd Bank channel and the remittances will be credited to the beneficiary’s account. The bank has started sending money from abroad through UPI using ‘Demoney’ from Thailand. DeMoney is a Thailand-based financial solutions service provider. Money can be easily called for by entering the UPI identity of India-based beneficiaries on the website of DiMoney.
Soumitra Sen, Head, Consumer Banking & Marketing, Bank said, “This is a big step towards making remittances easy and convenient. Now people living abroad will be able to send money to beneficiaries based in India with the help of their UPI identity. They will not even need to remember their bank account number.
IndusInd Bank said it is also looking to add transfer service providers located in other countries. Praveena Rai, Chief Operating Officer, NPCI expressed hope that this initiative will make it easier for consumers to remit money. This will increase the use of UPI among the people present abroad.
What is Card Tokenisation: New rule of ATM card, know what is tokenization and how it works