Xoom, PayPal’s international digital money transfer service announced its integration with NPIL’s/NPCI’s Unified Payments Interface (UPI), a real-time payment system facilitating inter-bank transactions in India. Non-Residential Indians (NRIs) and Persons of Indian Origin (PIOs) living in the United States (US), Canada and Europe can now remit money to their family and friends in India. Using UPI to send money to India via Xoom is easier as overseas senders only need to know Indian receivers’ UPI identity (ID) to send remittances instantly, 24 by 7 and 365 days of the year.
This new service offers more choice, convenience to Xoom customers and enables Indian diaspora to easily transfer money back home–securely and seamlessly. UPI is a payment mechanism which allows money transfers without having to source or share bank account details. Instead of bank account numbers and IFSC codes, the virtual payment address (VPA) is used to pay when customers send money via UPI. Another benefit of UPI is that one UPI ID works for many bank accounts; recipients of money transfers can link multiple bank accounts to receive payments and even set their default bank account for transactions.
The number of Unified Payments Interface (UPI)-based payments hit a new milestone in October crossing two billion (207 crore) transactions amounting to transactions worth US$ 444,644 (INR ₹3.3 lakh crore), according to data from the National Payments Corporation of India (NPCI)1.
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