The National Payments Corporation of India (NPCI) has introduced the ‘UPI One World’ wallet for international travellers and NRI citizens. Foreign visitors can now get a virtual wallet, which can be used for making UPI payments in India, without needing an Indian bank account. Tourists can load any foreign currency and use it as the Indian Rupee under this initiative. Here are the details.
UPI One World: Digital Payments for Foreign Visitors
The UPI One World is an official virtual wallet from the NPCI. Any foreign tourist or Non-Resident Indian (NRI) can get their wallet by completing full KYC using a Passport, VISA, and other relevant documents. It can be obtained at International Airports, RBI-approved Money Exchange Portals, Hotels, and other locations.
Visitors can load any currency to the UPI One World wallet while registering for it. This money will be converted into the Indian Rupee and used for UPI payments across any merchant QR codes in India. The merchant will receive the funds in INR, eliminating the hassle of currency conversion for each transaction. Any remaining amount in the wallet can be encashed later, once the visitor closes the wallet while leaving India.
UPI One World serves as a platform for foreign tourists and NRIs to seamlessly make UPI payments in India without the need for an Indian bank account. According to the NPCI, there are over 5 crore merchants, which accept UPI payments. UPI is the world’s largest real-time payments ecosystem and accounts for over half of the global digital P2P payments.
The UPI One World wallet is a collaboration between the NPCI, ICICI Bank, IDFC First Bank, PineLabs, and Transcorp International Limited. The system is also approved and regulated by the Reserve Bank of India (RBI).
UPI is currently available in over 15+ countries across the world. The United Arab Emirates (UAE), Singapore, France, Bhutan, Nepal, Mauritius, Sri Lanka, and many others have already embraced the payments system, and now accept UPI payments at popular tourist destinations. The UPI One World wallet will further improve the adoption of UPI among foreigners visiting India.
The post NPCI Launches ‘UPI One World’ Wallet For International Travelers in India appeared first on MySmartPrice.