Photo Credit: NPCI
UPI One World wallet service can be availed at IDFC First Bank and Transcorp locations across India
UPI One World wallet service has been launched by the National Payments Corporation of India (NPCI) for non-resident Indians (NRIs) and international travellers visiting the country. The service was first announced last year during the G20 summit which India hosted. It will allow travellers who do not have an Indian bank account to access the Unified Payments Interface (UPI) system and make payments using it. The initiative was launched by NPCI in collaboration with IDFC First Bank and Transcorp International Limited under the guidance of the Reserve Bank of India (RBI).
Announcing the service in a post, NPCI said that travellers visiting India will be able to make secure digital payments and transact with merchants and vendors across the country with the UPI One World wallet. The service will allow travellers to eliminate the need to carry large amounts of cash or face the hassle of multiple foreign exchange transactions.
With the UPI One World wallet service, foreign travellers and NRIs will be able to download a Prepaid Payment Instrument (PPI)-UPI app which will allow them to scan any merchant QR codes with their smartphone's camera to make payments.
They can also transact online with their UPI ID. NPCI said the UPI One World wallet can be used at merchant stores, hotels, and restaurants, as well as for online shopping, entertainment, transportation, travel booking, and more.
To avail of the service, users will have to get the PPI-UPI app from authorised issuers across the country. Once the app has been issued, travellers can load up the app with their desired amount in INR. Any unused amount will be transferred back to the origin source, as per foreign exchange regulations. The initiative is aimed at making travel and stay in India seamless for international visitors.
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