The National Payments Corporation of India (NPCI) has introduced the UPI One World Wallet service for international travelers visiting India.
This service aims to make travel easier and promote real-time digital payments, providing significant convenience for foreign tourists. The UPI One World Wallet was first introduced during the G20 summit in India last year.
It allows individuals without Indian bank accounts to access the Unified Payments Interface (UPI) system and make payments using it.
Collaboration and Benefits
This initiative was launched by NPCI in collaboration with IDFC First Bank and Transcorp International Limited, following guidelines from the Reserve Bank of India (RBI).
The UPI One World Wallet service saves travelers from carrying large amounts of cash or dealing with multiple foreign exchange transactions, enhancing their travel experience in India.
Using the UPI One World Wallet Service
Foreign travelers and NRIs can use the UPI One World Wallet service by downloading the prepaid payment instrument (PPI)-UPI app.
Users can scan the QR code of any merchant with their smartphone camera to make payments. Additionally, travelers can make online transactions using their UPI ID.
The UPI One World Wallet can be used for various purposes, including shopping at merchant stores, booking hotels and restaurants, online shopping, entertainment, transportation, and travel booking.
This wallet is available at airports, hotels, money exchange locations, and other places.
To use the service, foreign travelers must complete the KYC process with a valid visa and passport.
This service is exclusively for foreigners, allowing them to make online payments without carrying cash.
Any remaining balance can be refunded according to foreign exchange regulations, ensuring travelers benefit from the exchange rate.
