Non-resident Indians (NRIs) residing in the UK are poised to become part of a select group with the ability to directly settle bills on behalf of their families in India using the Bharat Bill Payment System (BBPS). This initiative, already in place for NRIs in Middle East countries, including Oman, Kuwait, Bahrain, and the UAE, was enabled by the Reserve Bank of India (RBI) in September 2022. NRIs have shown significant interest in this feature, and it may soon expand to include other countries like Canada and Singapore.
Noopur Chaturvedi, the CEO of NPCI Bharat BillPay Limited, explained that this service offers convenience to NRIs and their families. Previously, NRIs would transfer money to their Indian families, who would then handle various bill payments, such as electricity, gas, water, and loan repayments. This system streamlines the process by reducing the number of transactions from two to one, and it particularly benefits elderly family members who may face challenges with online or traditional payment methods.
While the service is available, it has not yet gained widespread popularity, with only a few hundred cross-border transactions taking place in the past month. However, this initiative aligns with India’s broader push for digital payments and financial inclusion, which has gained momentum during its G20 presidency. India aims to advance global financial inclusion through technology and digital infrastructure, including initiatives such as linking India’s Unified Payments Interface (UPI) with fast-payment systems in other nations.
India’s ambition extends to internationalizing UPI and other digital payment products, with discussions and collaborations on the subject taking place during bilateral talks with various countries. The RBI Innovation Pavilion at the G20 Leaders’ Summit provided a platform for showcasing India’s progress in the digital payments sector, with officials from multiple countries participating in UPI transactions.
