The UPI One World app will allow travellers to make payments at merchant locations by simply scanning the QR codes
The NPCI first launched UPI One World wallet during the G20 summit last year for tourists from a select group of countries
The NPCI partnered IDFC First Bank and Transcorp International Limited, under the guidance of the Reserve Bank of India, to develop the offering
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
As part of its efforts to further increase the usage of India’s leading digital payment infra Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) has rolled out ‘UPI One World’ wallet for all foreign tourists.
The NPCI partnered IDFC First Bank and Transcorp International Limited, under the guidance of the Reserve Bank of India (RBI), to develop the offering. The offering is only live with these two partner entities.
In a statement, the NPCI said that the offering is primarily targeted for international tourists to eliminate the hassle of carrying cash. It will allow travellers to make payments through UPI One World wallet at merchant locations by simply scanning the QR codes using the UPI One World app.
The NPCI first launched UPI One World wallet during the G20 summit last year. At that time, it was only restricted to tourists from a select group of countries.
To get started with the wallet, tourists will need to get in touch with authorised PPI issuers at airports, hotels, designated money exchange locations, and other touchpoints. They will need a full KYC, based on their passports and valid visas, to use the service.
Post the visit to India, the unused balance can be transferred back to the original payment source, in accordance with foreign exchange regulations.
“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,” a UPI spokesperson said.
This initiative is designed to provide international visitors with a seamless, real-time digital payment experience, making it easier to explore India.
The development comes at a time when the government has been taking a number of steps to take UPI global. In June, NPCI’s international arm NIPL partnered with the UAE-based Network International to fuel UPI payments in the Middle Eastern country.
The payments body also tied up with Peru, Ghana, and Namibia in recent times to fuel the adoption of the homegrown payments infrastructure.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.