(PRNewsfoto/Synchrony)

PayPal’s money transfer service Xoom has added the Unified Payments Interface (UPI) to its platform, to enable instant money transfers to India.

This integration allows non-residential Indians (NRIs) and persons of Indian origin (PIOs) in the US, Canada, and Europe to remit money to their family and friends in India.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Using Xoom, they can select the UPI payment method and enter the Indian recipient’s UPI ID, to instantly send money overseas, round-the-clock.

About UPI payments

UPI is the instant real-time payment system developed by the National Payments Corporation of India (NPCI).

UPI payments remove the need for sharing the bank account details. Instead, it allows money transfers using the virtual payment address (VPA).

Moreover, a single UPI ID can be linked to multiple bank accounts.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The recipients can set up a default bank account for receiving payments in that account.

Participating banks

Xoom users can remit money to 66 Indian banks.

This includes public sector banks (PSUs) including State Bank of India (SBI), Punjab National Bank (PNB), Andhra Bank, Bank of Baroda (BOB), Bank of India (BOI), Indian Bank, and Canara Bank.

The private sector lenders include ICICI Bank, Yes Bank, Axis Bank, Kotak Mahindra Bank and Federal Bank.

About Xoom

Xoom operates in more than 160 countries globally, allowing users to send money, pay bills, and recharge phones of their loved ones living overseas.

These remittances can be used to pay for utility bills, healthcare, education costs and emergencies.

Earlier this month, Xoom enabled its US, Canada, the UK, and Europe customers to transfer money directly to mobile wallets in 12 countries in Africa.

Comment

Xoom VP and general manager Julian King said: “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 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 their loved ones back home with Xoom.”