PayPal's Xoom Adds UPI Payments For NRIs, PIOs To Remit Money To India In Real Time
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-resident Indians (NRIs) and Persons of Indian Origin (PIOs) living in the 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 to send remittances instantly, 24X7 and 365 days of the year.
This new service offers more choice, convenience to Xoom customers and enables non-resident Indians 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. UPI-based payments hit a new milestone in October crossing two billion transactions amounting to transactions worth $444,644 (Rs 3.3 lakh crore), according to data from the National Payments Corporation of India.
“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 payments method in the country,” said Julian King, Vice President and General Manager, Xoom. “India is an important market for us. We are delighted that non-resident Indians across many markets can now use UPI to send remittances back their loved ones back home with Xoom.”
Xoom customers can use UPI payments to remit money to 66 banks across India, including leading banks like State Bank of India, ICICI Bank, Punjab National Bank, Andhra, Bank of Baroda, Bank of India, Indian Bank, Axis Bank, Canara Bank, Yes Bank, Kotak Mahindra Bank and Federal Bank.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
