IndusInd Bank join hands with NPCI to offer cross-border payments via UPI
IndusInd Bank has started off with Thailand for Foreign Inward Remittance (FIR) through UPI and also plans to add more partners in various other countries in the near future.
IndusInd Bank has joined hands with the National Payments Corporation of India (NPCI) for offering real-time cross-border remittances to India using UPI IDs, for its Money Transfer Operator (MTO) partners. With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for Cross Border Payments/NRI Remittances. Under this arrangement, the MTOs will be using the IndusInd Bank channel to connect with NPCI’s UPI payment systems for validation and cross-border payment settlement into beneficiary accounts.
IndusInd Bank has started off with Thailand for Foreign Inward Remittance (FIR) through UPI. DeeMoney – a Thailand based financial solutions provider offering money transfers and foreign currency exchange services. Customers using the DeeMoney website can easily transfer funds just by adding the beneficiary’s UPI ID. IndusInd Bank also plans to add more partners in various other countries for cross border-payments via UPI in the near future.
Key Points
- IndusInd bank becomes the first Indian bank to go live on UPI for cross-border Payments.
- This association will offer a hassle-free remittance experience to the customers.
- IndusInd Bank starts off with Thailand for Foreign Inward Remittance through UPI.
- Customers using the DeeMoney website can easily transfer funds just by adding the beneficiary’s UPI ID.
Share price movement: At 3.15 PM, IndusInd bank was trading at Rs 854.05, 0.8 per cent down against the Nifty Private Bank index which was 0.3 per cent up from the morning trading session. Share touched day’s low of Rs 811.50 and the day’s high is Rs 861.8