RBI allows Foreign Travellers to use UPI payment in India | QR code-based coin vending machines
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RBI allows Foreign Travellers to use UPI payment in India | QR code-based coin vending machines:
Foreign Travellers coming to India will now be able to use UPI while carrying out P2M transactions.
The Reserve Bank of India has decided to permit all inbound travellers to use UPI payments for their merchant payments while they are in the country. This facility will be initially extended to travellers from G20 countries arriving at select international airports, RBI Governor Shaktikanta Das said.
Commenting on the RBI decision, Rajsri Rengan, Head of Banking and Payments, India and Philippines, FIS, said: “The RBI’s announcement around extending UPI facility for inbound travellers to India is a great initiative. Customers coming to India will now be able to use UPI while carrying out P2M transactions. This is a great move to scale up the use of digital payments in India as well as improve their payment experience.”
UPI payments system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.
Further, in another announcement, Das said the RBI will launch a pilot project on QR code-based coin vending machines in 12 cities in the country.
"These vending machines will dispense coins against debit to the customer's account using UPI instead of physical tendering of banknotes. This will enhance the ease of accessibility to coins," Das explained.
Based on the learnings from the pilot project, Das said guidelines will be issued to banks to promote the distribution of coins using these QR code-based vending machines.
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“To start with, it is available to travelers from G-20 countries, at select international airports (Bengaluru, Mumbai, and New Delhi). Eligible travelers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets. Delegates from G20 countries can also avail of this facility at various meeting venues. To begin with, ICICI Bank, IDFC First Bank and two non-bank PPI issuers, Pine Labs Private Limited, and Transcorp International Limited will issue UPI-linked wallets,".
Travelers visiting India can now experience the convenience of UPI payments at over five crore merchant outlets across India, that accept QR Code-based UPI payments, according to an RBI press release.