Rakesh kumar
The Reserve Bank of India has stated that all international visitors to India will be allowed to use Unified Payments Interface (UPI) to make local payments while in the country. The facility became effective immediately, according to a statement from the central bank.
The capability is offered to G-20 travellers at select international airports in New Delhi, Mumbai, and Bangalore, according to the announcement.
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union are members of the G20 (EU).
The travellers would be provided with prepaid payment instrument (PPI) wallets that are linked to UPI for making payments.
Delegates from G20 nations can also utilise this UPI service at meeting locations. The UPI-linked wallets will be issued by ICICI Bank, IDFC First Bank, and Pine Labs Private Limited and Transcorp International Limited, two non-bank PPI issuers.
“Visitors to India can now enjoy the ease of UPI payments at over five crore merchant outlets across the country that accept QR Code-based UPI payments,” stated the RBI’s announcement.
The decision by the central bank comes on the same day that India and Singapore announced the integration of their real-time digital payment systems. The initiative aims to facilitate cheaper and safer cross-border remittances, which will assist the Indian diaspora in Singapore.
The connecting of Singapore’s PayNow and India’s UPI is the first international person-to-person payment system, and it came about five years after the notion was first proposed. The connection of Singapore’s PayNow and India’s UPI is the first cross-border person-to-person payments link for India and the second for the city state of Singapore. This linking came about five years after the notion was initially proposed. yments link for India, with the second position reserved for the city state.
