A new alternative remittance platform has been launched for the NRI’s by the National Payments Corporation of India (NPCI).
The chief operating officer of NPCI, Praveena Rai, said the Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several features, seamless fund routing and merchant payments under one umbrella.
“We have designed this feature for NRIs working outside of India. It enables them to transfer money on a real-time basis through their smartphones, to their family members or any other individuals living in India. The process of receiving money from a foreign country is sometimes time-consuming; through UPI 2.0 the process is made much simpler and quicker now,” said Rai.
The UAE is the first country in the Middle East where the RuPay card was launched. Up to 5,000 ATMs in the UAE will accept RuPay card. Emirates NBD, First Abu Dhabi Bank, and Bank of Baroda are expected to soon start issuing RuPay credit and debit cards in the UAE.
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