The Reserve Bank of India is going to allow foreign tourists to make merchant payments via Unified Payments Interface or UPI while staying in India.
Government to Allow UPI Payments for Foreign Tourists
UPI payment system is a mobile integrated payment interface that allows users to link all their bank accounts into one application and make payments via a 4 or 6-digit security PIN. This system has merged small-scale banking facilities, seamless instant payments, and all the merchant payment benefits into one single interface.
“Experts feel that India’s UPI is one of the most successful electronic payments systems globally. Therefore, the extension of its services to citizens of G20 countries will foster India’s relationship with these nations for future collaborations,” News18.
So the government has decided to allow foreign tourists and NRIs access to UPI payments. Initially, they will allow the residents of G20 countries to make merchant payments while staying in the country.
“The move comes at a strategic point after announcing the UPI facility for NRI with NRE and NRO accounts linked with their mobile numbers,” said co-founder and COO at Safexpay, Swapnil Jambhale.
“This step will strengthen India’s position as the payments leader in the global market. Inbound travellers from G20 countries will be able to experience UPI payments while transacting with different merchants. Once these travellers arrive in India, they will be able to avail the facility by complying with the necessary procedure set by RBI at the airports and select entry points,” he further added*.
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What are G20 Countries?
G20 Countries is an intergovernmental forum which aims towards solving economic problems and financial development.
The list of G20 countries comprises Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, Argentina. and the European Union (EU).