G-20 is a forum of developed and developing countries of the world. Initially, passengers from these countries will get UPI facility.
The RBI on Friday issued a circular to allow travelers from G-20 countries to use mobile-based UPI during their stay in India. It states that banks or non-banks permitted to issue Prepaid Payment Instruments (PPIs) may issue full KYC PPIs in Indian Rupees to foreign nationals or NRIs visiting India. These PPIs can also be issued in co-branding arrangement with entities authorized to deal in foreign currency under FEMA.
According to the circular, PPIs can be issued in the form of UPI linked wallets. It can only be used for merchant payments (P2M). These instructions have come into force with immediate effect. Initially, this facility will be available to passengers from G-20 countries arriving at select airports, the central bank said. Later it will be expanded to all entry points in the country.
PPIs will be issued after passport and visa verification
RBI said that PPIs will be issued after physical verification of passports and visas of travelers from G-20 countries. The amount remaining in the PPI after spending can be redeemed in foreign currency by travelers from G-20 countries or can be transferred ‘back to source’.
Initially they will get facility
G-20 is a forum of developed and developing countries of the world. Initially, passengers from these countries will get UPI facility. These countries include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, US and the European Union.
Payments through UPI increased to Rs 13 lakh crore
The RBI had on Wednesday announced allowing foreign nationals and non-resident Indians (NRIs) to use it. Payments through UPI grew by 1.3 per cent on a monthly basis in January to reach around Rs 13 lakh crore.
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