India’s UPI to offer wallet service to foreign visitors amid digital payments boom
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The National Payments Corporation of India (NPCI), which operates retail payments and settlement systems in the country, has rolled out the ‘UPI One World’ wallet for inbound travelers visiting India. The initiative is designed to provide international visitors from some parts of the globe with a seamless, real-time digital payment experience, making exploring India’s cultural attractions and vibrant landscapes easier. The initiative by the NPCI is aimed at showcasing India’s success in the global digital payments landscape and provide an opportunity for the international community to engage with and benefit from the Digital Public Infrastructure (DPI), UPI said in a statement. The initiative is also expected to eliminate the need to carry cash and avoid the complexities of foreign exchange transactions. Launched in 2016, the Unified Payments Interface (UPI) has become popular as a single mobile application for accessing different bank accounts. It has expanded to United Arab Emirates, Peru, Mauritius, Sri Lanka, Singapore, France, Bhutan and Nepal. In June 2024, UPI processed close to 14 billion transactions valued at Rs 20.07 trillion ($240 billion). The UPI One World wallet can be availed through authorized prepaid payment instruments (PPIs) issuers at airports, hotels, designated money exchange locations and other touchpoints, following a full KYC (know-your-customer) process based on a passport and valid visa. PPIs are cards or digital wallets typically preloaded with funds to enable a user to make payments. Once issued, the wallet can be loaded in cash or through other payment modes. International travelers can use the UPI One World app to pay at merchant locations by scanning the QR codes. Any unused balance can be transferred back to the original payment source in accordance with foreign exchange regulations. This enablement has been made possible by the joint efforts of NPCI, IDFC First Bank and Transcorp International Limited…
Filed under: News - @ August 5, 2024 5:22 am