MONEY
RBI lets travellers visiting India to make payments through UPI
- IBJ Bureau
- Feb 22, 2023
In-bound travellers visiting India could now make local payments using UPI while they were in the country, the Reserve Bank of India (RBI) said on Tuesday.
“Travellers visiting India can now experience the convenience of UPI payments at over five crore merchant outlets across India that accept QR Code-based UPI payments,” the central bank said in a statement.
To start with, it will be available to travellers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi).
Eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets.
“Delegates from G-20 countries can also avail this facility at various meeting venues,” the RBI added.
To begin with, ICICI Bank, IDFC First Bank and two non-bank PPI issuers, Pine Labs and Transcorp International, will issue UPI-linked wallets.
The G-20 or Group of 20 is an inter-governmental forum of the world’s major developed and developing economies.
It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union.
Payment transactions through UPI rose by 1.3 per cent month-on-month to a high of nearly Rs 13 lakh crore in January.
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