RBI Introduces UPI Payments for Travellers in India

UPI Payments for Travellers in India were introduced by RBI. Now, foreign visitors to India can use UPI to make local payments while they are here, read more

Now, foreign visitors to India can use UPI to make local payments while they are here.

The Reserve bank, in a statement said, “Travellers visiting India can now experience the convenience of UPI payments at over five crore merchant outlets across India, that accept QR Code-based UPI payments.”
Travelers from the G-20 will initially have access to it at a few international airports (Bengaluru, Mumbai and New Delhi).

Travelers who qualify will receive Prepaid Payment Instrumentation (PPI) wallets connected to UPI for use while making purchases at merchant establishments.

G20 delegates can use the UPI facility at meeting places. Private lenders ICICI Bank, IDFC First Bank, and other financial institutions will distribute the UPI-linked wallets along with two non-bank PPI issuers named Pine Labs Private Limited and Transcorp International Ltd.

On the same day that Singapore and India established a connection between their real-time digital payment systems, the central bank made its announcement. The decision, which aims to increase the affordability and security of cross-border remittances, will benefit members of the Indian diaspora in Singapore.

Five years after the idea was first put forth, Singapore’s PayNow and India’s UPI were integrated, creating the world’s first and second cross-border links for person-to-person payments, respectively.

The prime minister stated, “In today’s era, technology connects us in several ways. Fintech is a sector that connects people to each other. Normally, it is confined within the boundaries of one country. But today’s launch has started a new chapter of cross-border fintech connectivity.”