The Reserve Bank of India has announced that the Unified Payments Interface (UPI) payment facility for foreign visitors to India has commenced operations. As per the official announcement, the service is effective from February 21, 2023.
This payment option was previously mentioned in the Statement on Developmental and Regulatory Policies on February 8th, 2023. With the UPI payment facility, inbound travelers will be able to make local payments during their stay in India.
Furthermore, the announcement reveals that the UPI payment facility is exclusively accessible to travelers from G-20 nations. However, it is anticipated that this payment option will be expanded to include visitors from other international locations.
Initially, the UPI payment option will be offered exclusively at select international Indian airports, including Bengaluru, Mumbai, and New Delhi. However, there are plans to expand this payment facility to other airports and cities in the near future, enabling travelers to make QR Code-based UPI payments at over five crore merchant outlets throughout India. This will provide international visitors with the convenience of making payments during their stay in India.
As per the RBI's statement, eligible travelers will receive Prepaid Payment Instruments (PPI) wallets linked to UPI. These wallets will enable them to make payments at merchant outlets located within the three international airports.
Banks like ICICI Bank, IDFC First Bank and two non-bank issuers Transcorp International Limited and Pine Labs will provide the wallets linked to UPI.
FAQs
Q1: How do foreign visitors to India obtain PPI wallets linked to UPI for local payments?
According to the RBI's statement, qualified travelers will be issued PPI wallets linked to UPI for making payments at merchant outlets at the three international airports where the facility is currently available.
Q2: Will this payment option be available for visitors from countries outside the G-20 nations in the future?
Yes, it is anticipated that the UPI payment facility will be extended to visitors from other international locations in the near future, providing greater convenience for foreign travelers making local payments in India.
