PayPal’s Xoom adds UPI payments enabling NRIs and PIOs to remit money to

PayPal’s Xoom adds UPI payments enabling NRIs and PIOs to remit money to India in real time

Innovative UPI integration to help with increased convenience and grow international remittances into India

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. Non-Residential Indians (NRIs) and Persons of Indian Origin (PIOs) living in the United States (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 (ID) to send remittances instantly, 24 by 7 and 365 days of the year.

This new service offers more choice, convenience to Xoom customers and enables Indian diaspora 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.

 

The number of Unified Payments Interface (UPI)-based payments hit a new milestone in December crossing 2.23 billion (223 crores) transactions amounting to transactions worth US$ 56 billion (INR 4.16 lakh crore), according to data from the National Payments Corporation of India (NPCI)1.  

“Xoom, our global remittance service, is a pioneer in creating fast, innovative and secure digital money transfers. Real-time payments via UPI have been a critical and essential payment tool during the pandemic and emerged as one of the most popular payments method in our country,” shared Nath Parameshwaran, Director, India entities & Corporate Affairs, PayPal India. “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.”

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.

World Bank data[1] reveals that India’s burgeoning population of NRIs and PIOs makes it the top market for remittances globally. India is a focus market for Xoom. The average transaction value of money sent to India via the service is four times higher compared to most other countries.

A pioneer in digital remittances, Xoom is a fast and secure way to send money, pay bills and reload phones for loved ones in over 160 countries globally. These remittances serve as a lifeline for many people around the world and are used to pay for things like utility bills, healthcare, education costs and emergencies.

Prestige Group announces the launch of its

 Prestige Group announces the launch of its fifth residential development in Chennai!

• Prestige Windsor Park, delivers a home built to the highest standards with every need in mind
• The Prestige group is on a roll with a series of launches across cities which reflects the demand for residential properties in India by residents as well as NRIs

Continuing with its ongoing success streak of virtual launches, Prestige Group on Saturday announced the launch of its fifth residential property - Prestige Windsor Park in Chennai. After 4 effective virtual launches during the pandemic, India’s leading real estate developers, Prestige Group has been remarkably impacting the real estate industry to bring it back to its former glory, despite the ongoing challenges. 

 After the launches of - 2 Prestige properties in Bengaluru, the splendid tranquil property in Hyderabad and the very first property in Goa, it was time that they announced their next in Chennai.  Way back in 1990, Chennai was the first city Prestige expanded to beyond Bengaluru.

Commenting on the launch, Mr. Irfan Razack, CMD, Prestige Group said, “We are swiftly approaching the culmination of 2020, and if there is anything this year has taught us, it is that resilience, adaptability and ingenuity will prosper. With over 35 years of market leadership, these were the core principles that helped Prestige Group endeavor and stay ahead of the game. The Covid-19 pandemic presented us with unprecedented times, but every crisis is an opportunity to learn and grow. Adapting to the situation we had to move our launches to a virtual space, which helped us build a narrative predominantly powered by technology. Everyone including our customers has adapted, evolved and innovated during these times. Since our launch in August and after 5 successful virtual launches, we can confidently say that real estate in India will witness a steady growth as both resident Indians as well as NRIs are looking to invest.”

“Chennai, this city holds a dear place in my heart as this place gave me a ray of hope for my expansion plans back in the day. I’m very excited about Prestige Windsor Park, our fifth residential project in the city. We have created several landmark developments since, including Prestige Bella Vista – Chennai’s first and largest township development in 2012, and Prestige Silver Springs, one of Chennai’s most luxurious residential properties till date. Each of our developments in Chennai is an ode to the rich cultural heritage of this iconic city.” he concluded.