ICICI Bank, a leading Indian lender, has recently announced that it is enabling NRI customers in the UAE and nine other countries to use their international mobile numbers to make UPI payments instantly in India. This move by the bank aims to enhance the convenience of NRIs in making everyday payments. Previously, NRIs needed a valid Indian mobile number to set up a UPI ID and use any UPI app. However, ICICI Bank’s NRI customers can now use their international mobile numbers linked to their NRE or NRO bank accounts held with the bank for utility bills, merchant, and e-commerce transactions through its mobile banking app, iMobile Pay.
In February, an agreement was reached during Prime Minister Narendra Modi’s visit to the UAE to interlink payment platforms and domestic debit/credit cards of the two countries. This agreement aimed to link instant payment platforms, UPI of India and AANI of the UAE, to allow people to directly send and receive money between bank accounts in both countries using just mobile phone numbers. ICICI Bank has taken advantage of the international infrastructure set up by NPCI to offer this facility across 10 countries, including the UAE, Oman, Qatar, Saudi Arabia, the USA, UK, Canada, Singapore, Australia, and Hong Kong.
With the launch of this new service, NRI customers can make UPI payments by scanning any Indian QR code, sending money to a UPI ID, or an Indian mobile number or bank account. Sidharatha Mishra, head of Digital Channels and Partnerships at ICICI Bank, expressed that this facility eliminates the need for NRI customers residing in 10 countries to switch to an Indian mobile number to make payments using UPI. The bank’s goal is to provide innovative solutions to its NRI customers for a safe, secure, and hassle-free payment experience. This initiative aims to leverage NPCI’s UPI infrastructure to strengthen and transform the global digital payments ecosystem.
UPI is a system developed by NPCI, established by the RBI and IBA, that powers multiple bank accounts into a single mobile application, enabling seamless fund routing and merchant payments. It facilitates real-time person-to-merchant transactions and inter-bank peer-to-peer transactions. By leveraging on NPCI’s UPI infrastructure, ICICI Bank is offering a convenient and secure way for NRI customers to make payments using their international mobile numbers. This initiative is expected to streamline the digital payments process for NRIs in various countries and further promote trade and commerce between India and other nations.
