National Payments Corporation of India (NPCI) has announced UPI One World Wallet service for international travelers coming to India. In such a situation, foreign travelers will get a lot of convenience in coming to India.
‘UPI One World’ wallet has been launched to make travel easier and promote real time digital payments. Let us tell you that UPI One World Wallet was first introduced during the G20 summit held in India last year. Under this service, people who do not have accounts in Indian banks will also be able to access the Unified Payments Interface (UPI) system and make payments using it.
This initiative was launched by NPCI in collaboration with IDFC First Bank and Transcorp International Limited under the guidelines of the Reserve Bank of India (RBI). This service will save passengers from the hassle of carrying large amounts of cash or multiple foreign exchange transactions.
How to use UPI One World Wallet service
With the UPI One World Wallet service, foreign travellers and NRIs can download the prepaid payment instrument (PPI)-UPI app. Users will then be able to scan the QR code of any merchant with their smartphone camera to make payments. Travellers can also make online transactions with their UPI ID.
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Ljhangh said that UPI One World Wallet can be used for merchant stores, hotels and restaurants as well as online shopping, entertainment, transportation, travel booking and many such tasks. This wallet is available at airports, hotels, money exchange locations and other places. One thing to keep in mind is that if a foreign traveller wants to use it, he will have to get KYC process done with the help of a valid visa and passport.
UPI One World Wallet service is only for foreigners
The biggest advantage of this feature is that users will not need to keep cash. That means they will be able to make online payments. Only NRIs and foreigners will be able to take advantage of this facility. If any balance is left, it will be refunded. Foreign exchange regulation will be used for this. That means you can get its benefit only under the exchange rate.
