What is United Payments Interface UPI and how does UPI works in Singapore and UAE for Indians?
Abhay Singh Chouhan
7 months ago
According to the World Bank report, Indian remittances are more than US$100 billion in 2022 which is more than even China.
Indians living abroad have increased their remittances to India as India is one of fastest growing Economy.
India government is investing a lot of money to promote Indian RuPay Debit Cards and BHIM-UPI transactions.
United Payments Interface (UPI) :
- UPI is an Real-Time Payment System (RTS) developed by National Payments Corporation of India.
- This interface facilitates inter-bank peer-to-peer and person-to-merchant transactions.
- It is used directly on Mobile devices to instantly transfer funds between two bank accounts.
- UPI has achieved 275 Million (27.5 Crore) users in a population of 1.4 billion.
How United Payments Interface (UPI) works?
- A person open Bank Account in any of Indian Bank and person Adhaar Card and PAN Card is connected to his Bank Account.
- Person Mobile Number will be connected to this Bank Account.
- There are a lot of Companies in India (PayTM, BHIM UPI, GooglePay, BharatPe, PhonePe) which provide interface for United Payments Interface (UPI).
- Person have to link his Bank Account and Mobile Number with United Payments Interface (UPI) interface.
- Once the person have linked his Bank Account and Mobile Number with UPI interface, he can directly send or recieve money to another person or vendor by Mobile Number.
United Payments Interface (UPI) interface in India:
There are major 9 United Payments Interface (UPI) interface are there in India.
- Google Pay
- PhonePe
- Paytm
- Amazon Pay
- Airtel Payments Bank
- MobiKwik
- Samsung Pay
- WhatsApp Pay
- BHIM
UPI in Foreign Countries:
Indian digital payment systems like UPI and RuPay are available in 10 Countries.
- Singapore
- UAE
- Oman
- Saudi Arabia
- Malaysia
- France
- Belgium
- Netherlands
- Luxembourg
- Switzerland
PayNow-UPI between India & Singapore:
The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) launched the PayNow-UPI on 21 Feb 2023.
Any person in Singapore and India will now be able to send real-time payments to one another through a service that links Singapore PayNow with India Unified Payments Interface (UPI).
UPI for NRI Customers:
Till April 2023 , NRI couldn't use UPI because UPI supports only local Indian Mobile Number.
NRI from at 10 countries will be allowed to make payments using United Payments Interface (UPI) without an Indian mobile number from 30th April 2023.
Indian government have now instructed all UPI partners like Paytm, Google Pay and Bharat Pe to allow NRI to do paymets by using their international mobile number.
This service will be active from 30th April 2023.
NRI users will just have to to link their NRE and NRO accounts linked to their international SIM to UPI and use it like any other Indian UPI user for merchant payment as well as peer-to-peer payments.
- Singapore
- Australia
- Canada
- Hong Kong
- Oman
- Qatar
- United States
- Saudi Arabia
- UAE
- United Kingdom
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Abhay Singh Chouhan
7 months ago
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