iNDICA NEWS BUREAU-
The National Payments Corporation of India (NPCI) has rolled out the ‘UPI One World’ wallet for all international travelers visiting India. This initiative is designed to provide foreign visitors with a seamless, real-time digital payment experience, making it easier to explore India.
This service is now available to the delegates attending the World Heritage Committee meeting in New Delhi from July 21-31, 2024. “Through this development, delegates as well as other foreign visitors have the opportunity to immerse themselves in India’s rich culture, cuisine, and many diverse experiences with the ease of Unified Payments Interface (UPI) payments,” NCPI said in a statement.
NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System (AePS), National Electronic Toll Collection (NETC) and Bharat BillPay. NPCI is focused on innovations in the retail payment systems through technology. It facilitates secure payment solutions with nationwide accessibility at a minimal cost.
This initiative by NPCI showcases India’s global digital payments landscape and provides an opportunity for the international community to benefit from India’s Digital Public Infrastructure (DPI). In June 2024, UPI processed close to 14 billion transactions valued at ₹ 20.07 trillion (~$240 billion).
UPI One World wallet service, first introduced during the G20 summit hosted by India last year, has been expanded for the benefit of people visiting from foreign countries. Foreign visitors can use the wallet to experience the convenience and security of UPI payments. This eliminates the need to carry cash and the complexities of foreign exchange transactions.
“The UPI One World wallet can be availed through authorized PPI issuers at airports, hotels, designated money exchange locations, and other touchpoints, following a full KYC process based on a passport and valid visa. Arrangements have been made to make these wallets available at Bharat Mandapam in New Delhi, the venue of the World Heritage Committee meeting, for the benefit of delegates. Once issued, the wallet can be loaded with cash or through other payment modes,” NCPI stated.
International travelers can use the UPI One World app to make payments at merchant locations by scanning the QR codes. “This service has been made possible by the joint efforts of NPCI, IDFC First Bank, and Transcorp International Limited, under the guidance of the Reserve Bank of India. We are thrilled to offer the UPI experience to international guests visiting India through UPI One World. This move aims to enhance the experience for visitors by equipping them with UPI, the most preferred payment choice among Indians. International travelers can organize their financial needs using UPI One World. It allows for convenient loading and transfer of any unused balance back to the original payment source. By enabling foreign travelers to experience the real-time payments system developed by India, we are taking a significant stride towards creating a more interconnected global digital payments ecosystem,” an NPCI spokesperson said.
