- IndusInd Bank is set to work alongside the National Payments Corporation of India as part of a push towards improving inward international remittances to India.
- The new arrangement will see a variety of services offered, including validation for payment systems.
- “We are confident that our association would act as one of the major contributing factors towards the evolution of cross-border payments through UPI,” said a spokesperson for the National Payments Corporation of India.
Progress on cross-border payments has been made in India this week after two leading organisations paired up for a new offer.
IndusInd Bank has confirmed that it will begin work alongside the National Payments Corporation of India (NPCI) as part of a new push to offer international remittances into the country.
The service will be available for money transfer operators to offer to their customers and will be done using UPI IDs.
It means that IndusInd Bank is now the first Indian bank to start using the UPI service for international remittances.
A range of services will be offered as part of the new arrangement, including cross-border payment settlements and validation for payment systems.
The service will begin with IndusInd Bank providing foreign inward remittance services in Thailand.
In a statement, a senior figure at IndusInd Bank said that the company had been pushing to break trends for a long time.
Soumitra Sen, who serves as Head of Consumer Banking & Marketing at IndusInd Bank, said that the bank was also committed to creating “seamless” experiences.
“At IndusInd Bank, it’s been our constant endeavour to bring forth path breaking propositions that provide customers with a seamless banking experience,” he said.
He added that the company was “proud” of its partnership with the NPCI.
“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.”
A senior figure at the National Payments Corporation of India said that the new arrangement would lead to increased efficiency and simplicity.
Praveena Rai, the company’s chief operating officer, said that international travellers would specifically stand to benefit.
“We are pleased to partner with the IndusInd Bank for this initiative that will offer a much simpler and more efficient remittance experience for international travellers using UPI,” she said.
She added that the association would act as a “major contributing factor” in evolving payments.
“We are confident that our association would act as one of the major contributing factors towards the evolution of cross-border payments through UPI.”
Do you want to get more details about what’s going on in the online money transfer sector? If so, just visit our reviews pages and find out what you need to know before you make the big decision to choose a remittance provider.
