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The RBI has proposed permitting inbound travellers access to UPI for merchant payments (P2M) while they are in the country, said the central bank in the Statement on Developmental and Regulatory Policies on Wednesday.
Initially, the facility will be extended to travellers from G-20 countries arriving at select international airports. Later, it will be enabled across all other entry points in the country, said the central bank, adding that necessary operational instructions will be issued shortly.
This comes after the RBI recently allowed non-resident Indians, who have international mobile numbers linked to their NRE / NRO accounts, to use the UPI network when in India.
Foreigners or non-resident Indians coming to India often face issues with making digital transactions as they do not have Indian mobile numbers or bank accounts. With this move, both travellers and merchants will benefit due to an advanced digital payments acceptance ecosystem, said industry participants.
G-20 travellers will be able to avail the facility by complying with the necessary procedure set by RBI at the airports and select entry points, and the first-hand experience will help amplify the global acceptance and adoption of UPI, thus fostering India’s relationship with these nations for future collaborations, they added.
Swapnil Jambhale, Co-founder and COO of Safexpay, said the step will strengthen India’s position as the payments leader in the global market as inbound travellers will be able to experience UPI payments while transacting with different merchants.
“This announcement is in-line with the steps undertaken by NPCI to take UPI global. Travellers from G20 nations will be able to make merchant payments via UPI with the help of their international mobile numbers. Once these travellers arrive at select international airports, they will be required to comply with certain processes and procedures set out by RBI in order to avail UPI payments facility,” said Mandar Agashe, Founder, MD and VC of Sarvatra Technologies.
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