The National Payments Corporation of India (NPCI) has introduced the UPI One World Wallet service to help international travelers visiting India.
This new service aims to make travel more convenient and promote real-time digital payments.
The UPI One World Wallet was first presented during the G20 summit held in India last year.
It allows travelers without Indian bank accounts to access the Unified Payments Interface (UPI) system and make payments.
Collaboration and Convenience
This initiative was launched by NPCI in partnership with IDFC First Bank and Transcorp International Limited, following guidelines from the Reserve Bank of India (RBI).
The service simplifies transactions by eliminating the need for carrying large amounts of cash or multiple foreign exchange transactions.
How to Use the UPI One World Wallet
To use the UPI One World Wallet, foreign travelers and NRIs can download the prepaid payment instrument (PPI)-UPI app.
With this app, users can scan the QR code of any merchant using their smartphone to make payments.
They can also use their UPI ID for online transactions.
The wallet can be used for various purposes, including shopping at merchant stores, staying at hotels, dining at restaurants, and booking travel and entertainment services.
The wallet is available at airports, hotels, money exchange locations, and other places.
Travelers must complete the KYC process with a valid visa and passport to use the service.
Exclusive to Foreigners
The main advantage of the UPI One World Wallet is that users do not need to carry cash, allowing them to make digital payments.
This service is available exclusively to NRIs and foreigners.
Any remaining balance in the wallet will be refunded, adhering to foreign exchange regulations and applicable exchange rates.
