When it comes to payments, UPI Payments have made our lives so much easier and faster. Now, all inbound travellers can now use the UPI payment facility for merchant payments in India. Yes, this facility has been announced by the Governor of the Reserve Bank of India, Shaktikanta Das. But this facility will initially be extended only to travellers from G20 countries who will be arriving at select international cities.
UPI Payment Facilities Extended To The Travellers From G20 Countries
Shaktikanta Das said that since the UPI payment facility has become very popular for retail digital payments in India, this announcement has been made. Many foreign delegates have been invited to the country as India holds the G20 Presidency until November. The facility will now be available at select international airports and later will be extended across all entry points in India.
NRIs with overseas mobile phones connected to their NRE/NRO accounts have recently been given access to UPI. Non-Resident Indians (NRIs) in ten countries can use UPI services without having to use their India phone number. Singapore, Australia, Canada, the USA, Hong Kong, Saudi Arabia, Oman, Qatar, the UAE, and the UK are the countries. Indians who live in foreign lands will be able to make payments using UPI by April 30.
Monetary Policy Statement by Shri Shaktikanta Das, RBI Governor – February 08, 2023 https://t.co/KGPgzXbpWN
— ReserveBankOfIndia (@RBI) February 8, 2023
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Upscale The Use Of Digital Payments
Head of Banking and Payments, India and the Philippines, FIS, Rajsri Rengan, supported the announcement made by the RBI’s governor. She said that the extension of this UPI payment facility for inbound travellers is surely a great initiative. Customers coming to India can easily use the direct P2M (payments to merchants) facility while paying. This will without a doubt enhance their payment experience in India. Another benefit of the move is that it will increase the use of digital payments in India.
Data from the National Payments Corporation of India (NPCI) shows that payments made through UPI totaled Rs. 12.98 lakh crore in January as opposed to Rs. 12.82 lakh crore in transactions reported in December 2022. In January, 385 banks in total became active on the UPI platform, up from 382 in December 2022.
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