IndusInd Bank, NCPI to offer cross-border remittances via UPI

IndusInd Bank partnered with National Payments Corporation of India (NPCI) to offer real-time cross-border remittances to India using UPI IDs, for its money transfer operator (MTO) partners.

Under this arrangement, the money transfer operators (MTOs) will be using the IndusInd Bank channel to connect with National Payments Corporation of India (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. The 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.

The private bank's standalone net profit surged 72% to Rs 1,113.53 crore on an 8.6% increase in total income to Rs 9,487.56 crore in Q2 FY22 over Q2 FY21.

Shares of IndusInd Bank shed 2.44% to Rs 839.70 on BSE. IndusInd Bank caters to both consumer and corporate customers.

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