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To assist real-time bank account payout in India, the NPCI International Payment Ltd (NIPL) has partnered with Western Union through an MoU.
In a media interview Ritesh Shukla, CEO of NIPL said, this partnership with Western Union and other players is to offer best-in-class cross-border remittance experience to over 30 million Indians living outside India.
“Currently, this experience is very fragmented for consumers as it requires incremental work. This partnership will allow Western Union users as well as non-users to send money to India in a simplistic manner using Unified Payment Interface (UPI) IDs of the receiver. The sender can simply put the receiver’s UPI ID on the channel enabled by Western Union,” he added.
This arrangement with Western Union will be based on the robust and innovative infrastructure of UPI that will extend a superior, fast and secure customer experience by enabling users in India to receive international money transfers in real time into their bank accounts.
“Indian expats or persons of Indian origin (PIOs) living across the world will be able to send money through Western Union and UPI integrated channels to their friends and relatives by using UPI ID. All the eligible UPI member banks will get enabled for the service,” said Shukla.
Explaining about charges involved, he stated the charges/fees in a cross-border transaction are levied by the remittance service provider in the foreign market and these charges are typically based on the market dynamics and available channels. Our effort would be to work with Western Union to optimize cost, while ensuring a superior customer experience. We will be working to make the charges sustainable and more affordable in the long run.
He informed that NIPL and Western Union have targeted to go live with the service by the second quarter of next year.