The Reserve Bank on Friday issued instructions allowing travelers from G20 countries to use the mobile phone-based Unified Payments Interface (UPI) to make payments while in India.
UPI is a system that combines multiple bank accounts into a single mobile application, integrating various banking features, seamless money routing, and merchant payments under a common platform.
On Wednesday, the Reserve Bank of India made an announcement on allowing access to UPI to foreign nationals and NRIs visiting India.
First of all, it said that the facilities will be extended for travelers from G-20 countries at selected international airports for Merchants (P2M) payments while they are in the country. It will be activated later across all entry points in the country.
“Banks/non-banks allowed to issue PPIs can issue complete PPIs in Indian rupees to foreign nationals/NRIs visiting India (initially, this facility will be extended to travelers from G20 countries, arriving at designated international airports) It came in a flyer.
The publication said these prepayment instruments could also be issued in a joint arrangement with entities authorized to deal in foreign exchange under FEMA.
“PPIs can be issued in the form of UPI-linked wallets and can be used for merchant (P2M) payments only,” she added.
The instructions are effective immediately.
She added that PPIs will be issued after physical verification of passport and visa to clients at the point of issuance.
“These PPIs should be loaded/reloaded against the receipt of foreign exchange in cash or through any means of payment,” the Reserve Bank of India said.
Unused balances in these PPIs can be exchanged in foreign currency or transferred ‘back to the source’.
The G20 or G20 is an intergovernmental forum for the world’s most important developed and developing economies.
These include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and Europe. Union (European Union).
Payment transactions through UPI rose 1.3 per cent month-on-month to nearly INR 13 crore in January.
(Except for the headline, this story was not edited by the Alendronaterx staff and was published from a syndicated feed.)
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