IndusInd Bank has partnered with the National Payments Corporation of India (NPCI) to offer instantaneous cross-border payments to citizens using UPI IDs, for Money Transfer Operator (MTO) partners.

Through this initiative, IndusInd Bank has become the first Indian bank to offer UPI for Cross Border Payments/NRI Remittances. In this procedure, 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.

Thailand based financial solutions provider, DeeMoney, offers money transfers and foreign currency exchange services. Customers using its website can easily transfer funds by adding the beneficiary’s UPI ID.

IndusInd Bank strategizes to augment more partners in other countries for cross border-payments through UPI in upcoming days.

Mr. Soumitra Sen, Head – Consumer banking & Marketing, IndusInd Bank says, “at IndusInd Bank, it’s been our constant endeavour to bring forth path breaking propositions that provide customers with a seamless banking experience. In keeping with this approach, we are proud to partner with NPCI to introduce the country's first UPI-based cross border remittance facility, which enables NRIs to send money to a beneficiary in India using their UPI ID through our partner Exchange Houses, Banks and Money Transfer Operators. It’s a significant step towards simplifying remittances as a functionality, as individuals residing overseas will now be able to conveniently transfer money to a beneficiary by simply adding their UPI ids, without having to remember their bank account details. We believe, enabling foreign remittance through UPI is a major milestone towards strengthening its usage as a platform, and will go a long way in enhancing its adoption by NRIs across geographies.”

Ms. Praveena Rai, COO, NPCI says, “we are pleased to partner with IndusInd Bank. We believe this initiative will offer a much simpler and more efficient remittance experience for international travellers using UPI. We are confident that our 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, we are looking forward to witnessing significant growth in UPI’s transaction volumes in the years to come.”