UPI is India's popular mobile-based real-time payment
system, which enables instant personal and merchant
payments
MUMBAI, India, July 23, 2024 /PRNewswire/ -- National
Payments Corporation of India
(NPCI) announced the rollout of 'UPI One World' wallet for inbound
travellers, across all* nations of the world, visiting India. This initiative is designed to provide
international visitors with a seamless, real-time digital payment
experience through UPI, making it easier to explore India's cultural wonders and vibrant
landscapes. Additionally, this innovative service will be available
to the esteemed delegates attending the World Heritage Committee
meeting in New Delhi from
July 21-31, 2024.
Unified Payments Interface (UPI) is India's popular mobile-based real-time payment
system, which enables instant personal and merchant payments.
Through this development, delegates as well as other foreign
visitors will have the opportunity to immerse themselves in
India's rich culture, cuisine, and
many diverse experiences with the ease of UPI payments.
UPI One World wallet, first introduced during the G20 summit
hosted by India last year, will
now be available to people visiting from many more countries.
Foreign visitors can use the wallet to experience the convenience
and security of the 'made in India' technology. This eliminates the need to
carry cash and the complexities of foreign exchange
transactions.
The UPI One World wallet can be availed through authorized PPI
issuers at airports, hotels, designated money exchange locations
and other touchpoints, following a full KYC process based on a
passport and valid visa. Arrangements will also be made to make
these wallets available at Bharat Mandapam in New Delhi, the venue of World Heritage
Committee meeting, for the benefit of delegates. Once issued, the
wallet can be loaded, either in cash or through other payment
modes.
International travellers can use the UPI One World app to make
payments at merchant locations by simply 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, under
the guidance of the Reserve Bank of India.
Speaking on this significant development, NPCI
spokesperson said, "We are thrilled to
offer UPI experience to the international guests visiting
India through UPI One World. This
move aims to enhance the experience for visitors by equipping them
with UPI, the most preferred payment choice among Indians.
International travellers can organize their financial needs using
UPI One World. It allows for convenient loading and enables the
transfer of any unused balance back to the original payment source.
By enabling foreign travellers to experience the real-time payments
system developed by India, we are
taking a significant stride towards creating a more interconnected
global digital payments ecosystem."
This initiative by NPCI showcases India's leadership in the global digital
payments landscape and provides an opportunity for the
international community to engage with and benefit from
India's Digital Public
Infrastructure (DPI) success story. Notably, in June 2024, UPI processed close to 14 billion
transactions valued at INR 20.07 trillion (~USD 240 billion). In 2023, it processed about
80% of all digital payment transactions in India and is one of the largest real-time
payment systems in the world.
*Some Countries excluded as per regulatory
guidance.
For more details about
NPCI, click here
For Queries:
corporate.communications@npci.org.in
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