The National Payments Corporation of India (NPCI) has unveiled the ‘UPI One World’ wallet service, designed to provide international travelers with seamless digital payment experiences during their visits to India. This service aims to simplify transactions for foreign nationals and Non-Resident Indians (NRIs) from G20 countries.
UPI One World offers a Prepaid Payment Instrument (PPI) linked to India’s Unified Payments Interface (UPI), allowing visitors to make cashless payments at UPI-enabled merchant locations across the country. The service eliminates the need for carrying cash or dealing with multiple foreign exchange transactions, providing a convenient alternative for exploring India’s cultural and scenic attractions.
To access the UPI One World wallet, international travelers can visit authorized PPI issuers at various locations, including airports, hotels, and designated money exchange spots. The service will also be available at Bharat Mandapam, the venue for the upcoming World Heritage Committee meeting from July 21-31, 2024.
Key features of the UPI One World wallet include
1. Full KYC process using passport and valid visa
2. Loading options against foreign currency cash or payment instruments
3. Real-time balance checking through the PPI-UPI app
4. Refund of unutilized balances in compliance with foreign exchange regulations
The rollout of UPI One World is a collaborative effort between NPCI, IDFC First Bank, and Transcorp International Limited, under the supervision of the Reserve Bank of India.
An NPCI spokesperson emphasized the significance of extending the UPI experience to international visitors, stating that it represents a substantial move towards a more interconnected digital payments ecosystem.
