National Payments Corporation of India (NPCI) has introduced the ‘UPI One World’ wallet for inbound travelers from all participating countries visiting India.
This initiative aims to offer a seamless, real-time digital payment experience, enhancing the exploration of India’s cultural and scenic attractions.
Key Features
Eliminates Cash and Foreign Exchange: Visitors can avoid carrying cash and dealing with foreign exchange complexities.
Access Points: The wallet can be obtained through authorized Prepaid Payment Instrument (PPI) issuers at airports, hotels, money exchange locations, and other designated spots. It will also be available at Bharat Mandapam, the venue for the World Heritage Committee meeting.
KYC Requirements: To receive the wallet, users must complete a full Know Your Customer (KYC) process with a passport and valid visa.
Payment and Refunds: The wallet supports payments by scanning QR codes at merchant locations. Any unused balance can be refunded to the original payment source in line with foreign exchange regulations.
Collaboration and Technology
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. This wallet builds on the technology first introduced during the G20 summit in India last year.
Impact and Statistics
In June 2024, UPI processed approximately 14 billion transactions worth INR 20.07 trillion (around USD 240 billion), highlighting India’s advancement in digital payments and its robust Digital Public Infrastructure (DPI).
Availability
Global Availability: The wallet is accessible to international visitors from numerous countries, extending the convenience of Unified Payments Interface (UPI) payments.
Special Service: The service will also be available to delegates attending the World Heritage Committee meeting in New Delhi from July 21-31, 2024.
Speaking on this development, an NPCI spokesperson stated,
We are excited to extend the UPI experience to international visitors through the UPI One World wallet. This initiative aims to enhance their experience by providing access to UPI, which is highly favored by Indians. International travelers can manage their financial needs seamlessly with UPI One World. It offers easy loading and allows for the transfer of any unused balance back to the original payment source. By introducing our real-time payments system to global travelers, we are making a substantial move towards a more interconnected digital payments ecosystem.