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India launches payments wallet for inbound international travelers
The 'UPI One World’ wallet, which will use India's flagship instant payments system known as Unified Payments Interface, commonly referred to as UPI, aims to make digital payments easy and convenient for visitors.
UPI One World / Image- NPCI
The National Payments Corporation of India (NPCI), which manages India's payment and settlement systems, has launched a wallet for international travelers visiting India.
The 'UPI One World’ wallet, which will use India's flagship instant payments system known as Unified Payments Interface, commonly referred to as UPI, aims to make digital payments easy and convenient for visitors.
This service is extended to delegates attending the World Heritage Committee meeting in New Delhi from July 21-31, 2024, enhancing their experience during the event.
With this new development, international visitors and the Indian diaspora that visits the country often, can easily explore India’s culture, cuisine, and attractions without worrying about carrying cash or handling foreign exchange.
The wallet can be obtained at airports, hotels, money exchange locations, and other designated points after completing a verification process using a passport and valid visa.
Travelers can use the UPI One World app to make payments at merchant locations by scanning QR codes. Any unused balance can be transferred back to the original payment source as per foreign exchange regulations. This service is a joint effort by 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," said an NPCI spokesperson. "This move aims to enhance the experience for visitors by equipping them with UPI, the most preferred payment choice among Indians.”
“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,” the spokesperson said.
This move by NPCI highlights India's growing influence in the global digital payments landscape. In June 2024 alone, UPI processed nearly 14 billion transactions worth around US$ 240 billion. In 2023, UPI handled about 80 percent of all digital payment transactions in India, making it one of the largest real-time payment systems in the world.
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