The rise of UPI-based payments in India has been nothing short of meteoric. With affordable internet data, high smartphone penetration and India's biometric identity card, it’s not surprising that many Indians have quickly adopted digital payments.
The impact of the pandemic has accelerated digital payments and UPI has seen a huge increase in adoption, with millions of people using the system to send and receive money.
As of September 2022, UPI transactions in volume totalled over 6.57 billion, with a total of 95 participating Indian banks processing foreign inward remittances, including Yes Bank, Axis Bank, Kotak Mahindra Bank, Canara Bank, South Indian Bank and Bank of Baroda.
"We see huge spikes in transfers into India around this time of the year. Many of our Instarem users are Indian expats who send money home before Diwali. We wanted to ensure that no matter when they make their Diwali transfers, their family and friends in India receive their money instantly. Integrating UPI has always been on our roadmap, but it made complete sense to do it ahead of the festive season," said Yogesh Sangle, Head of Instarem.
Transfers made via Instarem into India will now be instant, in addition to the benefits that Instarem has always offered – being able to send any amount, from anywhere at any time and with the great FX rates. UPI does not come with any additional transaction costs linked to it.