- Technology
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In the initial phase, the service is available to travellers from G-20 countries, at select international airports such as Delhi, Mumbai, and Bengaluru airports. Eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets. Payment transactions through UPI rose 1.3 per cent on-month to a high of nearly INR 13 lakh crore in January 2023.
- Updated On Feb 23, 2023 at 04:39 PM IST
Read by: 100 Industry Professionals
Read by 100 Industry Professionals
Providing a major relief to inbound travellers travelling to India, the Reserve Bank of India (RBI) has issued a directive that foreign tourists & travellers can make payments using UPI in the country. They can make local payments in India to merchants that accept QR-code based UPI payments.
Earlier this month, RBI had made an announcement regarding allowing access to UPI to foreign nationals and NRIs visiting India.
“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,” the central bank said in a statement.
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In the initial phase, the service is available to travellers from G-20 countries, at select international airports such as Delhi, Mumbai and Bengaluru airports. Eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets.
Currently, ICICI Bank, IDFC First Bank and two non-bank PPI issuers, Pine Labs Private Limited and Transcorp International are issuing UPI linked wallets.
On Thursday, Pine Labs and Thomas Cook India partnered with the National Payments Corporation of India (NPCI) to ensure safe, seamless, convenient merchant payments via UPI for foreign nationals from G20 countries. This facility can be availed on arrival - across Thomas Cook’s airport counters.
RBI permits travellers from G20 nations to use UPI to make payments in India
UPI is a system that bunches multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments under a common platform. On Wednesday, the RBI had made an announcement regarding allowing access to UPI to foreign nationals and NRIs visiting India.
Commenting on the launch, B Amrish Rau, CEO, Pine Labs, said, “G20 Presidency was a proud moment for India. Resonating with its beautiful theme “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future”, we wanted to contribute towards ensuring no inconvenience comes to G20 travellers coming to India while making payments. UPI is India’s incredible contribution to the world when it comes to digital payments, and a quick onboarding on the Fave app will allow these visitors to pay digitally via UPI using our Fave mobile app. We thank our partner Thomas Cook and NPCI for this pioneering collaboration.”
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Mahesh Iyer, Executive Director & CEO, Thomas Cook (India) Limited said, “As India’s leading foreign exchange provider, we are delighted to partner with Pine Labs & NPCI to give visiting foreign nationals from G20 countries the seamless UPI experience across our gateway airports, via this collaboration.”
“UPI One World is a game-changing offering that will revolutionise the way international travellers make payments in India. With the Fave app powered by Pine Lab’s issuing platform Qwikcilver, travellers can easily and securely make digital payments at millions of merchant establishments equipped with UPI QRs across the country. This innovative solution is yet another step forward in our mission to make digital payments more accessible and convenient for people everywhere. We are delighted to support this initiative by Pine Labs and Thomas Cook,” said Praveena Rai, COO, NPCI.
Till now, any resident Indian with an Indian contact number and bank account could generate their UPI ID and start transacting from 100+ apps available in the ecosystem. After NPCI’s new circular, NRIs will be able to generate their UPI ID with an international number and their NRO/ NRE account.
Payment transactions through UPI rose 1.3 per cent on-month to a high of nearly INR 13 lakh crore in January 2023.
- Published On Feb 23, 2023 at 04:39 PM IST
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- Foreign tourists & travellers in India can now make payments using UPI, Know more details
As an expert in financial technology and digital payments, I possess in-depth knowledge of various payment systems, including Unified Payments Interface (UPI), Prepaid Payment Instruments (PPI), and their integration into the global financial landscape. My expertise stems from a comprehensive understanding of how these technologies function, their applications in different contexts, and their impact on international financial transactions.
The article you've provided discusses the recent directive by the Reserve Bank of India (RBI) allowing foreign tourists and travelers, particularly those from G-20 countries, to make payments using UPI while visiting India. This move by RBI allows these visitors to use QR-code based UPI payments at various merchant outlets across India.
The key concepts and technologies discussed in the article are:
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UPI (Unified Payments Interface): UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI) that facilitates instant fund transfers between bank accounts using a mobile platform. It allows users to link multiple bank accounts into a single mobile application and perform various transactions seamlessly.
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PPI (Prepaid Payment Instruments): These are payment instruments that facilitate the purchase of goods and services against the value stored on such instruments. In this context, eligible travelers are issued PPI wallets linked to UPI for making payments at merchant outlets.
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QR-code Based Payments: Utilizing QR codes, individuals can make payments using UPI by scanning the code, enabling secure and convenient transactions between consumers and merchants.
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RBI Directive: The Reserve Bank of India's directive permits foreign nationals and NRIs visiting India, particularly from G-20 nations, to access and use UPI for making local payments at over five crore merchant outlets across the country.
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Partnerships and Collaborations: Entities like Pine Labs, Thomas Cook India, NPCI, ICICI Bank, IDFC First Bank, and Transcorp International have collaborated to ensure the smooth implementation of UPI-based payments for foreign travelers. For instance, Pine Labs and Thomas Cook India partnered with NPCI to enable UPI payments for G-20 travelers at airports via the Fave mobile app.
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Expansion of UPI Access: Previously, UPI access was limited to residents with an Indian contact number and bank account. However, after NPCI's new circular, NRIs can generate their UPI IDs with an international number and their NRO/NRE accounts.
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Transaction Volume: The article notes a significant increase in UPI transactions, with a 1.3% rise on-month to nearly INR 13 lakh crore in January 2023, indicating the system's popularity and widespread usage.
These developments represent a significant step towards fostering digital payment adoption among international travelers in India, promoting convenience, security, and interoperability in financial transactions using UPI technology.
