Noopur Chaturvedi, Chief Executive Officer of NPCI Bharat BillPay Limited, announced this development during a press event in New Delhi on September 9
Non-resident Indians (NRIs) residing in the United Kingdom now have the convenience of directly settling bills on behalf of their families in India through the Bharat Bill Payment System (BBPS), according to a report by moneycontrol.com. This initiative, enabled by the Reserve Bank of India (RBI) in September 2022, aims to provide a seamless bill payment experience for NRIs.
The implementation of this service, which has already been made available to NRIs in Oman, Kuwait, Bahrain, and the United Arab Emirates (UAE), reflects a growing demand among the Indian diaspora for simplified cross-border financial transactions. Noopur Chaturvedi, Chief Executive Officer of NPCI Bharat BillPay Limited, announced this development during a press event in New Delhi on September 9.
Chaturvedi highlighted the significance of this service, especially for NRIs and their families. Traditionally, NRIs would send money to their relatives in India, who would then handle various bill payments, including those for electricity, gas, water, and loan repayments. This new facility offers a twofold advantage: it reduces the number of transactions from two to one, streamlining the process, and it addresses the challenges faced by elderly family members in India when making online payments. As Chaturvedi explained, this service brings convenience and peace of mind to both NRIs and their beneficiaries.
However, the service has not yet gained widespread adoption, with only 300-400 cross-border transactions recorded in the last month. Chaturvedi acknowledged that it is currently a niche offering but anticipates its growth as more NRIs become aware of its benefits.
This initiative aligns with India’s broader push for digital payments, which has gained momentum during its G20 presidency over the past year. India has been actively promoting global financial inclusion through technology and digital public infrastructure as part of its G20 agenda. Bilateral discussions with various countries have taken place, focusing on collaboration in the digital payments sector, such as linking India’s Unified Payments Interface (UPI) with other countries’ fast-payment services.
The Indian government, along with the RBI, holds ambitious plans to internationalize UPI and other digital payment products, aiming to bring the benefits of India’s digital payment ecosystem to the international stage.
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