National Payments Corporation of India (NPCI) has announced the rollout of ‘UPI One World’ wallet for inbound travellers from across the world (excluding some countries as per regulatory guidance) visiting India.
This initiative is designed to provide international visitors with a seamless, real-time digital payment experience, making it easier to explore India’s cultural wonders and vibrant landscapes. This innovative service will also be available to the esteemed delegates attending the World Heritage Committee meeting in New Delhi from July 21-31, 2024.
Through this development, delegates and other foreign visitors will have the opportunity to immerse themselves in India’s rich culture, cuisine, and many diverse experiences with the ease of Unified Payments Interface (UPI) payments.
UPI One World wallet, first introduced during the G20 summit hosted by India last year, will now be available to people visiting from many more countries. Foreign visitors can use the wallet to experience the convenience and security of the “made in India” technology. This eliminates the need to carry cash and the complexities of foreign exchange transactions.
The UPI One World wallet can be availed through authorized PPI issuers at airports, hotels, designated money exchange locations and other touchpoints, following a full KYC process based on a passport and valid visa. Arrangements will also be made to make these wallets available at Bharat Mandapam in New Delhi, the venue of the World Heritage Committee meeting, for the benefit of delegates. Once issued, the wallet can be loaded, either in cash or through other payment modes.
International travellers can use the UPI One World app to pay at merchant locations by scanning the QR codes. Any unused balance can be transferred back to the original payment source, in accordance with foreign exchange regulations. This enablement has been made possible by the joint efforts of NPCI, IDFC First Bank, and Transcorp International Limited, under the guidance of the Reserve Bank of India.
This initiative by NPCI showcases India’s leadership in the global digital payments landscape and provides an opportunity for the international community to engage with and benefit from India’s Digital Public Infrastructure (DPI) success story. Notably, in June 2024, UPI processed close to 14 billion transactions valued at Rs 20.07 trillion.
