Due to this announcement, the settlements that were happening with the beneficiary bank account through IMPS or NEFT will also happen through UPI (Unified Payments Interface).
Immediate Payment Service (IMPS) and National Electronic Fund Transfer (NEFT) are means of settlements for interbank retail payments. The Virtual Payments Address (VPA) of the consumer is connected to an underlying bank account, enabling inward international remittance transfers to be settled through UPI.
India is the world’s largest receiver of foreign remittance, reports suggesting it received more than USD 62 billion in 2016 and around USD 65 billion in 2017.
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