Bank of Baroda Launches Global UPI Services via BOB E-Pay App

Why in Discussion ?

• Bank of Baroda has taken a significant step in the digital payments sector by introducing international UPI facilities through its BOB E-Pay App.
• This feature enables cross-border payments and real-time inward remittances for Indian and NRI users.
• With this, Bank of Baroda becomes one of the first public sector banks to directly integrate with the global UPI ecosystem.

What’s New in BOB E-Pay

1. UPI Global Acceptance:
   1. Users can now make payments to international merchants by scanning QR codes.
   2. Currently available in eight countries: Mauritius, Singapore, UAE, USA, France, Sri Lanka, Nepal, and Bhutan.
2. Foreign Inward Remittance:
   1. Enables real-time fund transfers from Singapore to Indian account holders.
3. NRI UPI Access:
   1. NRIs with NRE/NRO accounts can link their accounts to the BOB E-Pay App upon visiting India.

Key Features and Benefits

• Transparency in International Payments:
  • The app clearly displays transaction amount, exchange rates, and fees.
  • Users can view payments in local currency as well as Indian Rupees.
• Real-Time Fund Transfer from Singapore:
  • Senders in Singapore can transfer funds using the UPI ID directly.
• Transactions are processed 24×7 in real time.
  • Funds are credited directly to the recipient’s account in INR.
• Special Facility for NRI Customers:
  • NRIs can send and receive UPI payments using their mobile numbers.
  • Available for peer-to-peer transfers and merchant transactions.
• Transaction Limits:
  • Maximum per transaction and per day: ₹1,00,000 for international UPI transactions.
  • Ensures financial security and consistency on the platform.

User Experience and Availability

• The BOB E-Pay App has over 1.3 million registered users.
• Available on Google Play Store and Apple App Store.
• Existing users can activate international UPI services directly via app settings.
• This feature transforms a domestic payment tool into a global digital transaction platform.

Significance and Future Impact

• Provides fast, secure, and easy international payments for Indian residents and NRIs.
• Facilitates family and financial transactions for the Indian diaspora with easy tracking.
• Promotes the global UPI ecosystem and strengthens India’s leadership in digital payments.
• Offers potential to make India a global hub for digital payments as services expand to other countries