The National Payments Corporation of India (NPCI) has announced the rollout of the ‘UPI One World’ wallet for inbound travellers from across all nations visiting India.
This initiative aims to provide international visitors with a seamless, real-time digital payment experience through the Unified Payments Interface (UPI), enhancing their ability to explore India’s cultural wonders and vibrant landscapes with ease.
Enhancing Visitor Experience with UPI
Unified Payments Interface (UPI) is India’s popular mobile-based real-time payment system that enables instant personal and merchant payments. With the introduction of the UPI One World wallet, foreign visitors can now enjoy the convenience and security of India’s ‘made in India’ technology, eliminating the need to carry cash or deal with the complexities of foreign exchange transactions.
The UPI One World wallet was first introduced during the G20 summit hosted by India last year. It will now be available to travellers from many more countries, allowing them to experience the benefits of UPI payments.
The wallet can be availed through authorised Prepaid Payment Instruments (PPI) issuers at airports, hotels, designated money exchange locations, and other touchpoints following a full KYC process based on a passport and valid visa.
Once issued, the wallet can be loaded either in cash or through other payment modes.
Simplified Payments for International Travelers
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, an 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 organise 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.”
Showcasing India’s Digital Leadership
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.
In June 2024, UPI processed close to 14 billion transactions valued at INR 20.07 trillion (~USD 240 billion). In 2023, UPI processed about 80% of all digital payment transactions in India and is one of the largest real-time payment systems in the world.
The introduction of the UPI One World wallet is set to revolutionise the way international visitors manage their finances while in India, making it easier and more convenient to explore the country’s rich culture and diverse experiences. This move not only enhances the visitor experience but also strengthens India’s position as a leader in the global digital payments ecosystem.
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