RBI allows Foreign Travellers to use UPI payment in India | QR code-based coin vending machines

[Abhishek012]

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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Good news for international visitors 👍

 

[Abhishek012]

Good news for international visitors 👍

Ya, EbixCash Becomes the First to Launch UPI for Foreign Nationals visiting India:

This would enable passengers to visit our airport counters across India for converting their foreign currency into digital Indian currency, with a UPI interface to pay for goods and services across the country.

EbixCash Limited, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, today announced that it has become the first company in India to pioneer, launch and enable Unified Payments Interface (UPI) transactions for foreign nationals visiting India. This new capability will allow a Foreign national visiting India to pay for goods and services in India, using UPI in seconds.

As a part of that initiative, EbixCash has become the first financial services entity in the country to enable UPI services for foreign delegates attending the G-20 submit being held in India. EbixCash will be carrying out a pilot launch shortly in Bangalore at the G-20 summit, involving dignitaries from the world’s 20 most powerful nations.

T C Guruprasad, Managing Director, Payment Solutions Division and EbixCash World Money said. “We are excited to announce the launch of UPI for foreign nationals exchanging currencies across airports in India. This is in line with our commitment to embrace the vision of India’s Prime Minister Mr. Narendra Modi to promote digital transactions in India. This would enable passengers to visit our airport counters across India for converting their foreign currency into digital Indian currency, with a UPI interface to pay for goods and services across the country”.

EbixCash World Money, the foreign exchange division of EbixCash Limited holds a leadership position in the foreign exchange business in India, with a vast network encompassing 81+ retail branches, 250 franchisee partners and duty-free shops, 27+ bank clients, 1200+ corporate clients including top fortune 500 clients and 5-star hotels in India. EbixCash World Money is also a leading player in India’s airport and seaport Money Exchange business with retail kiosks in 20 international airports, and 12 seaports.