ICICI Bank Empowers NRIs: UPI Payments Now Possible Via International Numbers

ICICI Bank has announced a groundbreaking move by enabling non-resident Indian (NRI) customers in India to utilise international mobile numbers for instant payment transactions through the Unified Payments Interface (UPI). This development, unveiled on Monday, marks a significant stride towards enhancing convenience for NRIs managing financial transactions in India.

The bank's initiative allows NRI customers to seamlessly execute a myriad of everyday payments, including utility bills, merchant transactions, and e-commerce purchases, leveraging their international mobile numbers registered with their Non-Resident External (NRE) or Non-Resident Ordinary (NRO) bank accounts held with ICICI Bank in India. This pioneering service is accessible through ICICI Bank's mobile banking app, iMobile Pay, streamlining the payment process for NRIs.

Previously, NRIs were required to link an Indian mobile number to their bank accounts to facilitate UPI payments across ten countries, comprising the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar, and Saudi Arabia. However, with ICICI Bank's latest offering, NRI customers residing in these nations can now make UPI payments without the necessity of switching to an Indian mobile number.

The following are simple procedures for activating UPI on an international mobile number with iMobile Pay:

Step 1: Log in to iMobile Pay app

Step 2: Click on 'UPI Payments'

Step 3: Verify Mobile Number

Step 4: Click on Manage -> My Profile

Step 5: Create new UPI ID (select from the suggested options)

Step 6: Select the Account Number -> Submit

ICICI Bank said, "We are delighted to partner with NPCI to launch the UPI facility on international mobile number through iMobile Pay. With this facility, our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI. This launch reinforces our commitment to provide our NRI customers with innovative solutions, for them to have a safe, secure and hassle-free payment experience. We are witnessing a positive response from our NRI customers who have started using this facility. With this initiative, we intend to leverage on NPCI's UPI Infrastructure in strengthening and transforming the digital payments ecosystem globally".

The versatility of this service empowers NRI customers to conduct UPI transactions through various means, including scanning any Indian QR code, transferring funds to a UPI ID, or sending money to an Indian mobile number or bank account. Siddhartha Mishra, Head of Digital Channels and Partnerships at ICICI Bank, emphasised the transformative impact of this initiative on the digital payments landscape, stating that it eliminates the inconvenience previously associated with the requirement of an Indian mobile number for UPI transactions.

By harnessing the robust infrastructure of the National Payments Corporation of India (NPCI) and its UPI framework, ICICI Bank aims to fortify and revolutionise the digital payments ecosystem on a global scale. This strategic integration of international mobile numbers into the UPI framework underscores the bank's commitment to innovation and customer-centric solutions.

The introduction of international mobile number-based UPI payments represents a paradigm shift in facilitating seamless financial transactions for NRIs, aligning with the evolving needs and preferences of a digitally-driven global community. ICICI Bank's forward-thinking approach not only enhances the accessibility and convenience of financial services but also reinforces India's position as a trailblazer in digital banking and payments technology.

ICICI Bank's pioneering initiative sets a precedent for other financial institutions to adapt and innovate, fostering greater inclusivity and efficiency in the realm of cross-border payments and remittances. With the convergence of technology and banking, the future of financial services is poised to be more interconnected, accessible, and user-centric than ever before.