Travellers From G20 Countries Can Pay Via UPI, Says RBI The RBI release also reportedly clarified that the facility is available to travellers from G-20 countries, at selected international airports such as Bengaluru, Mumbai and New Delhi
By Teena Jose •
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The Reserve Bank of India (RBI), in an official release on Tuesday, has said that travellers coming to India can now use United Payments Interface (UPI) for making payments in the country from today, according to a PTI report. As per the report, the travellers from G-20 countries arriving at Bengaluru, Mumbai and New Delhi international airports can get Prepaid Payment Instruments wallets linked to UPI for making payments to over five crore merchant outlets across India.
The RBI release also reportedly clarified that the facility is available to travellers from G-20 countries, at selected international airports such as Bengaluru, Mumbai and New Delhi.
"Delegates from G20 countries can also avail of this facility at various meeting venues. 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," said RBI.
The report further added that eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets, RBI said. Delegates from G20 countries can also avail this facility at various meeting venues. To begin with, ICICI Bank, IDFC First Bank and two non-bank PPI issuers, Pine Labs Private Limited and Transcorp International Limited will issue UPI linked wallets.
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, as per the report.
On Tuesday, it is also reported that UPI-PayNow was officially launched by Singapore's PM Lee Hsien Loong and India's PM Narendra Modi., which is a collaboration project of India's Reserve Bank of India and Singapore's Monetary Authority of Singapore, the UPI-PayNow initiative that was announced in 2021.
"UPI is enhancing its partnership with various other countries. Singapore is the first country with which we have today launched a Person to Person (P2P) payments facility," said PM Modi on occasion.
Moreover, in October 2022, it was further reported that Indians will soon be able to make payments through united payments interface (UPI) in Europe as NPCI International Payments Ltd (NIPL) has entered into a partnership with European payment service facilitator Worldline.
Taking the UPI's current transaction rate into consideration, the latest reports stated that transactions growth rate through United payment interface (UPI) slowed on a year-on-year basis in January 2023, according to the monthly Bulletin released by the central bank. The growth rate of UPI's transaction volume slowed to 74.1% in January 2023 compared with 100.5% in the year-ago period. Similarly, the transaction value of UPI for January 2023 recorded a growth rate of 56.1% while it stood at 93% last year.
