India: The Reserve Bank of India has come up with a facility for international travellers visiting India under which they will be able to make payments locally using Unified Payments Interface (UPI).
This has come to force as early as today that is on 21 February informed the central bank said in a statement. However, only those people who are from the G-20 nations will be able to enjoy the benefits of this.
The nations include Argentina, 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, and the European Union (EU).
Moreover, the statement also read that this facility can only be used at selected international airports of New Delhi, Mumbai and Bengaluru.
These travellers will be issued prepaid payment instruments (PPI) wallets which can be linked to UPI so that payments can be done. The delegates from G20 nations can also enjoy the benefits of this facility at meeting venues. The UPI-linked wallets will be issued by private lenders ICICI Bank, IDFC First Bank along with two non-bank PPI issuers named Pine Labs Private Limited as well as Transcorp International Limited.
It has been Five years that this idea was introduced for the first time, the linking of Singapore’s PayNow and India’s UPI is the first cross-border person-to-person payments link for India and second for the city state.
