Travellers visiting India can now enjoy the convenience of UPI payments at over five crore merchant outlets across India that accept QR code-based UPI payments, thanks to a new facility launched by the Reserve Bank of India (RBI). The facility enables inbound travellers to India to make local payments using the Unified Payments Interface (UPI) in the country. Eligible travellers will be issued Prepaid Payment Instruments (PPI) wallets linked to UPI, which can be used for making payments at merchant outlets.

To start with, the facility will be available to travellers from G-20 countries at select international airports in Bengaluru, Mumbai, and New Delhi. Delegates from G20 countries can also avail of this facility at various meeting venues. ICICI Bank, IDFC First Bank, and two non-bank PPI issuers, Pine Labs Private Limited and Transcorp International Limited will issue UPI-linked wallets to eligible travellers.

UPI is one of the most significant developments in the Indian financial sector, launched by the National Payments Corporation of India (NPCI) in 2016. Over the years, it has become one of the most popular payment modes in the country, with over a billion transactions per month. The RBI’s recent announcement is a significant move towards extending the scope of UPI globally.

The linkage of UPI and PayNow between India and Singapore is another milestone in cross-border fintech connectivity. The new facility enables faster and more cost-efficient digital transfers between the two countries, benefitting the diaspora, professionals, students, and their families.

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The RBI’s decision to extend the scope of UPI to international travellers shows that UPI is making inroads globally. With this move, travellers from G20 countries can carry out P2M transactions, reducing their dependence on cash and making the payment process easier for them.

The UPI merchant payment facility for inbound travellers is a welcome step towards promoting a cashless economy in India. The move will not only make it easier for international travellers to make payments while in the country but also help promote the use of digital payments among the general public.

UPI has revolutionized the way people make payments in India. It has made transactions faster, simpler, and more secure. UPI payments can be made using a mobile phone, and there is no need to carry cash or a card. It has become a ubiquitous payment instrument for retail electronic payments in India.

An enhancement has recently been made to provide UPI access to non-resident Indians who have international mobile numbers linked to their NRE / NRO accounts. The RBI has now proposed to permit all inbound travellers to India to access UPI for their merchant payments while they are in the country.

The move is significant as it will help promote a cashless economy in India. The UPI merchant payment facility for inbound travellers will make it easier for international travellers to make payments while in the country. The move will also help promote the use of digital payments among the general public.

The RBI’s decision to extend the scope of UPI to international travellers is a step in the right direction. The move will not only promote a cashless economy in India but also help bring India’s payment system closer to international standards. It will help travellers from G20 countries carry out transactions in a more convenient and secure manner.

The RBI has been at the forefront of promoting digital payments in India. It has launched several initiatives to encourage the use of digital payments, such as the launch of the Bharat Bill Payment System (BBPS), the National Electronic Toll Collection (NETC) program, and the introduction of interoperability among prepaid payment instruments (PPIs).

The RBI’s efforts have borne fruit, and digital payments have grown tremendously in recent years. In the last five years, digital payments have grown at a CAGR