In a significant move catering to its Non-Resident Indian (NRI) clientele, ICICI Bank has introduced UPI payments, enabling NRIs to utilize their international phone numbers for seamless transactions.
Unlocking UPI for NRIs
ICICI Bank’s latest offering allows NRI customers residing in ten select countries to leverage their foreign phone numbers for UPI payments, thanks to a collaboration with the National Payments Corporation of India (NPCI). This service is specifically tailored for NRI clients who hold NRE/NRO bank accounts with ICICI Bank in India.
Convenience at Your Fingertips
NRIs no longer need to acquire an Indian mobile number to access UPI payments. Through the ICICI Bank mobile banking app, iMobile Pay, NRI customers can now conveniently pay utility bills, conduct merchant transactions, and indulge in online shopping using their international phone numbers linked to their ICICI Bank accounts.
To activate the UPI feature on iMobile Pay, customers simply need to log in, verify their mobile number, create a UPI ID, and select their account number. This streamlined process ensures that NRIs can seamlessly integrate UPI payments into their digital banking experience without any hassle.
Generous Transaction Limits, Zero Fees
ICICI Bank extends a generous daily UPI transaction limit of Rs 1 lakh for NRIs, with no associated fees for utilizing the service. Sidharatha Mishra, Head of ICICI Bank’s Digital Channels and Partnerships, emphasizes that NRI clients can now harness the power of UPI without the need to switch to an Indian mobile number. Mishra states, “With this facility, the NRI customers of the bank can make payments for their utility bills, merchant and e-commerce transactions with their international mobile number registered with their NRE/NRO bank account held with ICICI Bank in India.”
Global Adoption of UPI
The adoption of UPI by NRIs underscores its growing popularity as a reliable digital payment infrastructure internationally. Nations such as Ghana, Nigeria, Singapore, and the United Arab Emirates are exploring the integration of UPI to streamline cross-border money transfers. NPCI International is actively collaborating with countries like Namibia to establish similar payment systems, further amplifying the global reach of UPI.
A Testament to UPI’s Potential
The success of UPI overseas demonstrates its potential to revolutionize digital payments on a global scale. ICICI Bank’s initiative aligns with the broader trend of leveraging digital infrastructure to facilitate seamless international transactions, showcasing the transformative impact of innovative financial solutions in today’s interconnected world.
