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NRIs In UK To Get Cross-Border Bill Payment Facility Soon
Writer: Shirsha Ganguly
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Others/World, 29 Sep 2023 5:07 AM GMT
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Creatives : Shirsha Ganguly
An enthusiastic student of mass communication and journalism. Experienced in content writing, report and article writing, as well as graphics design, marketing, sales, and public relations. Eager to share compelling stories that inspire social change.
This new facility will make it easier and more convenient for NRIs to fulfil their financial obligations in India without having to go through the hassle of traditional international wire transfers or other complex processes.
The National Payments Corporation of India (NPCI) is expanding its cross-border bill payment services in the United Kingdom through the Bharat Bill Payment System (BBPS). This will allow non-resident Indians (NRIs) in the UK to use the system to pay their bills in India using a variety of methods, including UPI, NEFT, digital wallets, debit cards, and credit cards. BBPS has over 20,000 billers on its platform, including utility providers, telecom companies, educational institutions, and more. To use the cross-border bill payment facility, NRIs will need to have a bank account in India that is linked to their BBPS account. They can then initiate a bill payment from their BBPS account using a variety of payment methods, such as debit cards, credit cards, and net banking. The cross-border bill payment facility is expected to be launched in the UK in the coming weeks. It is a welcome development for NRIs, as it will save them time, money, and effort when it comes to paying their bills in India.
NPCI CEO Noopur Chaturvedi said that the initial focus was on the Middle East countries, but the system is now expanding to the UK and other countries with a significant NRI presence, such as Canada and Singapore. The BBPS is a comprehensive bill payment system that allows customers to pay their bills through a network of registered member agent institutions. It offers a variety of payment methods and ensures swift confirmation of payments.
The RBI is also showcasing its digital payment framework at the ongoing G20 Leaders' Summit in Delhi. Delegates from various countries have been actively engaging in UPI transactions, and the RBI is also demonstrating RuPay payments facilitated through wearable devices, the digital rupee, and a robust database platform capable of supporting diverse lending purposes.
The cross-border bill payment facility is a significant step forward in making financial services more accessible and convenient for NRIs. It is a testament to the Indian government's commitment to supporting the NRI community. NRIs in the UK can now look forward to a more streamlined and hassle-free bill payment experience. The NPCI is expanding its cross-border bill payment services in the UK, and the RBI is showcasing its digital payment framework at the G20 Leaders' Summit. These initiatives are aimed at making digital payments more accessible and convenient for users around the world.
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