Mumbai, 19th June25: Beacon, a leading cross-border fintech platform serving the Indian diaspora in Canada, has released key insights on significant trends in Unified Payments Interface (UPI) usage among Non-Resident Indians (NRIs) in Canada. The findings highlight a fundamental shift in how NRIs manage cross-border payments and financial obligations in India.
Beacon’s analysis reveals that since UPI has become second nature to users in India, NRIs, especially recent immigrants, carry this behavioral expectation with them as they seek the same speed and ease to send money home or manage expenses. Even older NRIs now accustomed to using UPI because recipients, including family, landlords, or service providers, ask for UPI IDs, not account numbers. This shift represents a significant transformation in transaction patterns, with users moving away from traditional lump-sum remittances toward smaller, more frequent transactions. It allows for better cash flow management and ongoing support rather than large, infrequent transfers, enabling NRIs to stay more engaged with financial responsibilities back home.
Aditya Mhatre, Co-founder of Beacon, commented, “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 behavior. 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.”
Beacon’s research shows that over 70% of Indian students in Canada now prefer mobile-first fintech platforms to manage cross-border transactions. Indian students and NRIs represent one of the most financially active, digitally native segments in Canada, demanding flexibility, speed, and control over their money both locally and across borders. The Indian diaspora in Canada continues to grow rapidly, with Indian Canadians numbering over 1.85 million, representing 5.1% of the population. New permanent residents from India have surged from approximately 33,000 in 2013 to 140,000 in 2023, which is a remarkable 326% increase. In 2024 alone, India accounted for approximately 23.4% of new Canadian citizens, totaling about 87,800 individuals.
Canada’s contribution to India’s remittance market has grown substantially, reaching around $4 billion in 2024. This growth occurs within the broader context of India remaining the top recipient of global remittances in 2024, receiving approximately $129.4 billion. UPI infrastructure processed over 172 billion transactions in 2024, marking a 46% increase from the previous year. This surge underscores UPI’s role as a trusted, real-time payment method for everyday needs, offering NRIs a seamless and familiar experience that bridges their life abroad with financial commitments in India.
Beacon’s insights reveal that NRIs most commonly use UPI for family support, rent payments to landlords, utility bills, school and tuition fees, medical expenses, and service payments including caretakers, drivers, and local consultants. The platform enables users in Canada to pay over 21,000 Indian bills directly in CAD, a first-of-its-kind global solution made possible through partnerships with Yes Bank and Bharat BillPay. Growing numbers of NRIs are moving away from traditional NRE/NRO accounts, which come with challenges such as documentation requirements, minimum balances, tax confusion, and poor digital interfaces. NRIs today want fast, transparent, mobile-first tools, with UPI via platforms like Beacon often representing their first fintech-led alternative designed specifically for their needs.
Beacon bridges CAD-to-INR payments by layering a compliant foreign exchange engine over UPI infrastructure. The platform allows users in Canada to send money directly to any UPI ID in India instantly, securely, and in INR, eliminating the need for maintaining NRE/NRO accounts or dealing with delays and high fees of traditional remittance players. The solution is built with full regulatory alignment across both countries, registered with FINTRAC and compliant with Canadian AML and KYC standards, while working within RBI and NPCI frameworks in India.
Based on adoption patterns in similar corridors like the UK, Singapore, and UAE, Beacon projects that short-term UPI usage could capture 5-10% of Canada to India remittances, driven by digital-first student cohorts, with mid-term projections suggesting expansion to 20-30%, mirroring Singapore and UK’s early adoption curves. The trend reflects a generational shift toward financial autonomy, digital-first behavior, and reduced reliance on traditional banking structures, with Beacon positioning itself as a financial bridge purpose-built for the Indian diaspora to manage money across borders effortlessly.