UPI for NRIs: Guide to NRI UPI Payments
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The last time you visited India, were you impressed by the convenience of digital payment offered by India’s Unified Payments Interface (UPI)? Here’s some good news for you. With the recent development, NRIs can now also access UPI services. With their international mobile numbers linked to their NRE/NRO accounts, NRIs can opt for convenient and cost-effective UPI transactions in India. Let us take a closer look at how NRIs can use UPI.
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What is UPI and How Does it Work?
UPI for NRI payments have revolutionized digital transactions for Non-Resident Indians.
The Unified Payments Interface (UPI) is India's instant real-time payment system developed by the National Payments Corporation of India (NPCI). It enables NRI UPI payments by linking your international mobile number directly to your NRE or NRO account, eliminating the need for traditional remittance services.
UPI for NRI accounts work by creating a unique virtual payment address (VPA) that connects to your Indian bank account. Once registered, you can make instant transfers in Indian Rupees, scan QR codes at merchant locations, pay utility bills, and send money to family members all from your smartphone app, regardless of your global location.
The system supports secure transactions with two-factor authentication, making it both convenient and safe for NRIs to manage their Indian finances seamlessly.
Eligibility and Limitations when Using UPI in India
Want to use UPI in India? Make sure you satisfy these criteria:
As of now, residents of 10 countries can use UPI with their international (non-Indian) number. Hence, you can use this facility if you live in the UK, the USA, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, Singapore, or the UAE.
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How to Set Up UPI with Your International Mobile Number
Want to start using UPI for your financial transactions in India? You can easily set it up with the mobile number you use in the resident country by following these steps:
Link Your Mobile Number to Your NRI Account
Your overseas mobile number must be registered with your NRE or NRO account. This is an important step, as UPI transactions are authenticated only through this number.
Download a UPI-Enabled Application
Choose a UPI application that supports international mobile numbers. For example, download the Kotak Mobile Banking app to start using UPI by creating your Virtual Payment Address (VPA) and linking it with your NRI bank accounts.
Register and Create a UPI ID on the Kotak Banking App:
Set Up a UPI PIN
To enhance security, create a UPI personal identification number (PIN). You will have to enter this every time to authenticate your UPI transactions.
NRI UPI Payments: Know the Limits and Security Measures
There is a limit to the amount of money you can transfer with UPI. When using the Kotak Mahindra app, you are allowed a maximum of 20 transactions/day with a limit of ₹1,00,000 per day.
When it comes to UPI transactions, security is of prime importance. For every transaction you make, you must enter a UPI PIN. This means that even if you lose your mobile phone or it gets compromised, there will be no unauthorized transactions. So, keep your UPI PIN confidential.
Understanding Permitted UPI Transactions for NRIs
You are allowed to make the following transactions when using UPI:
Top Benefits of Using UPI as an NRI
There is no denying that UPI has made life easier for everyone. It comes with a lot of benefits for NRIs, too, such as:
Conclusion
UPI for NRI has transformed how you can manage finances in India. With the ability to link international mobile numbers to NRE/NRO accounts, NRI UPI payments offer instant, secure, and cost-effective digital transactions from anywhere in the world.
Key benefits include real-time processing, minimal fees compared to traditional remittance methods, and advanced encryption for secure transactions. NRIs from 10 countries can now make UPI for NRI accounts payments by simply downloading compatible apps like BHIM, Google Pay, or Phone Pe.
With Kotak Mahindra's mobile app, linking your NRI account to UPI takes just minutes. Experience seamless money transfers, bill payments, and merchant transactions, making it easier than ever to stay financially connected to India whilst living abroad.
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