The G20 Summit 2023 has started. The national capital is seeing a significant number of foreign nationals and NRIs. Digital payments are made available to make travelling and staying more convenient. Tourists will be able to pay using India’s popular UPI payment mechanism using the UPI One World framework.
What is UPI One World
“UPI One World” is an offering that lies within the UPI framework. It only serves visitors from other countries. It works as a prepaid payment instrument (PPI) that is integrated with UPI services and is only available to foreign citizens and NRIs from G20 member nations. This smart wallet allows travellers to easily make transactions at numerous merchants across India.
How to get UPI One World?
The following steps will take you to UPI One World:
- Location: Travellers can receive UPI One World (PPI on UPI) from authorised PPI Issuers located in places approved for currency exchange activities in compliance with RBI/FEMA standards.
- KYC (Know Your Customer): Foreign nationals/NRIs from G20 nations can be granted “UPI One World” with the presentation of their passport and valid visa. The PPI Issuer works with Full Fledged Money Changers (FFMCs) to provide users with a full KYC procedure. When this procedure is completed successfully, the PPI wallet is activated, complete with an Indian Rupee balance, and is available via the issuer’s designated PPI app. To access their issued PPI-UPI wallet, users must download and register on the app.
- Loading Funds: Foreign citizens and NRIs can load funds into their UPI One World wallet after KYC verification, either by exchanging foreign currency in cash or through other recognised payment methods.
Once travellers have their UPI One World wallet, they may make payments and use services at any merchant location in India that accepts UPI.
Here’s how it works:
Travellers log in to the PPI-UPI App and pick the “scan and pay” option to access the wallet. They may quickly transfer funds from their PPI-UPI App by scanning the QR code supplied by the business.
Real-Time Balance: The PPI-UPI app provides users with real-time wallet balance updates.
Benefits and Refunds: Unused UPI One World balances can be paid out in foreign currency or transferred back to the original source in compliance with established foreign exchange laws.
UPI ONE WORLD Wallet Advantages
- It eliminates the need to carry cash and conduct several foreign exchange transactions.
- Allows for simple, safe, and quick digital payments.
- The PPI-UPI Application, it provides a transaction history for tracking spending.