Image Source : FILE Travellers from G20 international locations can now use UPI in India: RBI
Travellers from G20 nations can now use mobile-based Unified Payments Interface (UPI) to make cashless funds in India after the Reserve Bank of India issued recent directions on Friday.
The RBI in a press release stated, “Banks/ Non-banks permitted to issue PPIs can issue INR denominated full-KYC PPIs to foreign nationals / NRIs visiting India (to start with, this facility will be extended to travellers from the G-20 countries, arriving at select international airports).”
UPI is a system that bunches a number of financial institution accounts right into a single cell utility, merging a number of banking options, seamless fund routing and service provider funds beneath a typical platform. On Wednesday, the RBI made an announcement relating to permitting entry to UPI to overseas nationals and NRIs visiting India.
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“The PPIs can be issued in the form of wallets linked to UPI and can be used for merchant payments (P2M) only,” it added. The directions have come into power with rapid impact. It additional stated the PPIs could be issued after bodily verification of passport and visa of the purchasers on the level of issuance.
“Loading / Reloading of such PPIs shall be against receipt of foreign exchange by cash or through any payment instrument,” the RBI stated. The unutilised balances in such PPIs may be encashed in overseas forex or transferred ‘again to supply’.
The G20 or Group of 20 is an intergovernmental discussion board of the world’s main developed and creating economies. It includes 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). Payment transactions by UPI rose 1.3 % on-month to a excessive of practically Rs 13 lakh crore in January.
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Source: www.indiatvnews.com
