UPI Payment For Foreign Travellers To India:
The RBI has decided to permit all inbound foreign travellers to use UPI payments for their merchant payments while they are in India.
- Initially, it will be limited to travellers from G20 countries arriving at select international airports
- They will be able to use UPI while carrying out P2M (person-to-merchant) transactions.
- It will scale up the use of digital payments in India
- It will improve their payment experience of foreigners (good for tourism)
- Ease the payment process for foreign tourists
- UPI is an instant payment system developed by the National Payments Corporation of India (NPCI, RBI regulated entity).
- It is built over IMPS (Immediate Payment Service) infrastructure and allows instant transfer of money between any two parties’ bank accounts.