Federal Bank has announced that the it has launched UPI (Unified Payments Interface) integration for NRI clients through its mobile banking platform, FedMobile. With this move, the financial institution aims to enhance banking convenience for its Non-Resident Indians clients.
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Traditionally, NRI clients have faced challenges when it comes to making payments to merchants, especially in tier 2 and tier 3 cities where POS (Point of Sale) machines may not be readily available, the bank said in a statement.
Shalini Warrier, executive director, Federal Bank, said, “UPI has become synonymous with payments in India and in many countries worldwide. The Indian diaspora should not, in our view, be deprived of the benefits of this unique payment capability. The introduction of UPI for NRIs on FedMobile will enable our valued NR customers to transact seamlessly.”
Key Highlights Of The Feature;
Expanded Accessibility: With the integration of UPI, NRI customers residing in countries approved by the NPCI (National Payments Corporation of India) permitting UPI for NRIs can seamlessly utilise UPI features through FedMobile.
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The NPCI approved countries include Singapore (+65), Australia (+61), Malaysia (+60), Canada (+1), Hong Kong (+852), Oman (+968), Qatar (+974), United States of America (+1), Saudi Arabia (+966), United Arab Emirates (+971), and United Kingdom (+44). Additional countries will be included as and when approved by NPCI, the bank said.
Indian Mobile Number Compatibility: Any NRI customer with an Indian mobile number (+91) registered in the Bank’s records can also avail of this facility, further enhancing accessibility.
Versatile UPI Payments: With UPI on FedMobile, NRE clients can enjoy a wide range of payment options, including Send Money (via Mobile Number/UPI ID/Account Number), Scan N Pay (for any UPI-supported QR code), UPI Collect (using Mobile Number/UPI ID), and UPI Mandate approvals, including those for IPO Subscription.
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The bank added that this feature is not limited to just FedMobile; it is also available through any UPI applications that support UPI for NRIs, providing NRI clients with flexibility and choice.
