70 pc Indian students use mobile-first fintech for cross-border payments: Beacon

70 pc Indian students use mobile-first fintech for cross-border payments: Beacon

Fintech firm Beacon has released new data on the use of Unified Payments Interface (UPI) among Non-Resident Indians (NRIs) in Canada, showing a shift in how Indian immigrants manage payments and financial obligations in India. According to its findings, 70 pc Indian students use mobile-first fintech for cross-border payments.

Indicating a shift in how Indian immigrants manage financial transactions, Canadian-based fintech company Beacon has released new findings on UPI usage among Non-Resident Indians (NRIs) in Canada. The data shows that 70 pc of Indian students now use mobile-first fintech platforms for cross-border payments.

In a press statement, Beacon says that with UPI becoming standard in India, NRIs, especially recent immigrants, expect similar payment experiences when sending money home. The trend includes older NRIs, who now use UPI because recipients request UPI IDs rather than account numbers.

It adds that this trend marks a move away from lump-sum remittances towards smaller, more regular transactions. The change supports cash flow management and allows NRIs to remain engaged with ongoing financial needs in India.

The statement says that over 70 pc of Indian students in Canada now use mobile-first fintech platforms for cross-border payments. The Indian diaspora in Canada includes over 1.85 million people, or 5.1 pc of the population. New permanent residents from India have risen from 33,000 in 2013 to 140,000 in 2023. In 2024, India accounted for 23.4 pc of new Canadian citizens, with around 87,800 individuals.

Beacon says that Canada’s contribution India’s remittance market has reached approximately USD 4 billion in 2024. India remained the top recipient of remittances worldwide, receiving an estimated USD 129.4 billion in the same year. UPI processed over 172 billion transactions in 2024, a 46 pc increase from the previous year.

The cross-border fintech platform says that UPI is now widely used by NRIs for family support, rent, utilities, tuition, medical needs and local services. The platform allows users in Canada to pay over 21,000 Indian bills directly in CAD, enabled through partnerships with Yes Bank and Bharat Bill Pay.

The statement says that many NRIs are opting out of traditional NRE/NRO accounts, which have documentation, balance, and interface requirements. UPI-based platforms now offer a digital option aligned with user preferences.

The Canadian company says that it enables CAD-to-INR transfers by integrating a foreign exchange engine with UPI. The platform allows NRIs in Canada to send funds directly to any UPI ID in India in real time, without needing NRE/NRO accounts.

Beacon says that UPI adoption could account for 5–10 pc of Canada–India remittances in the short term, led by Indian students. Additionally, mid-term estimates suggest the share could rise to 20–30 pc, following adoption trends in markets like the UK, UAE and Singapore.

“Having migrated from India to Canada myself, I understand firsthand the challenges of managing finances across borders. What we are seeing today with UPI adoption among NRIs shows that there is a clear generational shift toward financial autonomy and digital-first behaviour. Our platform enables this transformation by bridging CAD-to-INR payments through UPI infrastructure, eliminating the friction that traditional banking has imposed on the global Indian community,” says Aditya Mhatre, Co-founder, Beacon.