Xoom, a PayPal international digital money transfer service, announced its integration with the National Payments Corporation of India's Unified Payments Interface (UPI), a real-time payment system facilitating inter-bank transactions in India.
According to the Ministry of External Affairs of India, there are 32 million Non-Residential Indians (NRIs) and Persons of Indian Origin (PIOs). With the UPI integration, NRIs and PIOs living in countries such as the United States (US), Canada, United Kingdom (UK), and the rest of Europe can now remit money to their family and friends in India in an instant.
UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI) to facilitate inter-bank transactions.
UPI interface facilitates money transfers without having to source or share bank account details and works by transferring funds between two bank accounts on a mobile platform. Other benefits of the UPI interface include:
How Does Xoom's UPI Work?
UPI payments make use of Virtual Payment Address (VPA). The VPA is essentially the user's financial address that is linked to the bank account of their choice. There is no need to remember details like IFSC code, beneficiary account number, net banking ID for sending or receiving money.
To access the UPI service, users must have a bank account with a bank that supports UPI payments. The user's mobile number needs to be registered with the bank account for verification purposes. Once the bank account gets verified, the VPA is created.
With Xoom, customers can select the UPI payment method and enter the Indian recipient's UPI ID or VPA to transfer money overseas instantly, around the clock.
According to the NPCI, UPI handled a total of 2.23 billion transactions worth Rupees 4.16 trillion in December 2020, breaching the 2-billion mark for the third straight month.
The new service will provide more convenience and more options to Xoom customers and enable NRIs and PIOs to send money online to families back in India securely and seamlessly.
Real-time Payments and International Remittances to India
Remittances have lifted millions of people around the world from extreme poverty and serve as a lifeline for many households. Remittances have a positive impact on healthcare, education, emergencies, and entrepreneurship.
India is the top recipient of remittances in the world, followed by China, Mexico, and the Philippines. India has been the focus market for Xoom and has helped many NRIs and PIOs save on money transfer fees and get a higher exchange rate.
A pioneer in digital remittances, Xoom is one of the most secure and the fastest way to send money, pay bills, and reload phones for loved ones in over 160 countries globally.
Vice President and General Manager, Xoom, Julian King shared, "Xoom is a pioneer in creating fast, innovative, and secure digital money transfers. Real-time payments via UPI in India have been a critical and essential payment tool during the pandemic and emerged as one of the most popular payment methods in the country.
"India is an important market for us. We are delighted that Indian diaspora across many markets can now use UPI to send remittances back to their loved ones back home with Xoom."
Xoom, a PayPal service, is a digital money transfer provider based in San Francisco, California. Xoom offers a convenient way to send money, reload prepaid mobile phones, and pay bills for family and friends around the world in a fast, secure, and cost-effective way, using your mobile phone, tablet, or desktop computer. Using Xoom, customers can send money to over 160 countries, including Mexico, India, the Philippines, and throughout Europe, Asia, and Africa.