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 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.
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