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UPI payments now work out of India in countries like Sri Lanka and UAE.
UPI payments are popular in India for millions but now it is also available in other countries through partners.
The Unified Payments Interface (UPI) has transformed India’s digital landscape, revolutionising how people transact and manage their finances. By enabling faster and more convenient transactions, UPI has significantly boosted the growth of e-commerce, online bill payments and digital subscriptions. This advancement has also empowered businesses to easily accept payments.
This real-time payment system allows users to seamlessly and instantly transfer money on a real-time basis and over the past two years, many countries have started accepting payments through UPI apps. UPI transactions for international transfers can be more time-saving and cost-effective than traditional wire transfers, depending on the platform used. They offer the advantage of fast and potentially cheaper transactions, primarily because they only require the recipient’s UPI ID rather than sharing detailed personal account information.”
Havibng said that, you should consider the transfer fee, which varies by amount and destination, and the exchange rate fee, which can include a service cut on the currency conversion. It’s advisable to compare these costs with those of traditional wire transfers to determine cost-effectiveness,” he added.
Currently, the Unified Payment Interface (UPI) services are available in Bhutan, Oman, Abu Dhabi, Nepal, France, Sri Lanka and Mauritius.
How to Activate UPI International Payments
– Launch the PhonePe app and navigate to the home screen.
– Tap on your profile picture located at the top-left corner of the screen.
– In the Payment Management section, choose the UPI International option.
– Click the activate button next to the bank account you want to use for international UPI payments.
– Enter your UPI PIN to confirm and complete the activation process.
How to Make International Payments on Google Pay
– Launch the Google Pay app on your device.
– Tap on the ‘Scan the QR code’ option within the app.
– Use your phone’s camera to scan the QR code provided by the international merchant.
– Input the amount you wish to pay in the payable foreign currency.
– Choose the bank account linked to your Google Pay account from which you want to make the international payment.
– Enter your UPI PIN to authenticate the transaction.
– Review the details of your transaction and confirm your payment.
During international transactions via UPI, users should be aware of limitations on the amount of money that can be sent in a single transaction. Presently, the official limit stands at Rs 2,00,000 per transaction. If a user intends to transfer an amount exceeding this limit, they must opt for a direct bank account transfer instead of using UPI for making payments.
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