In an effort to promote digital payments in India, the Reserve Bank of India (RBI) has recently launched a new facility for all inbound travellers visiting the country. This facility enables travellers to make local payments using the Unified Payments Interface (UPI) while they are in India, making it easier for them to transact without the need for cash.
The facility, which was launched on February 21, 2023, is currently available to travellers from G-20 countries and can be accessed at select international airports in Bengaluru, Mumbai, and New Delhi. Eligible travellers will be issued Prepaid Payment Instruments (PPI) wallets linked to UPI, allowing them to make payments at merchant outlets across the country. Additionally, delegates from G20 countries can also avail this facility at various meeting venues.
To make this facility available, RBI has partnered with ICICI Bank, IDFC First Bank, Pine Labs Private Limited, and Transcorp International Limited. These institutions will issue UPI linked wallets to eligible travellers, making it possible for them to carry out transactions seamlessly.
This new facility is part of RBI's efforts to promote digital payments and reduce the use of cash in the Indian economy. By enabling travellers to make local payments using UPI, RBI hopes to make it easier for tourists to transact during their stay in India. Additionally, this facility is also expected to boost the adoption of UPI as a payment method, as more people become familiar with its ease of use and convenience.
The launch of this facility is a welcome development, especially in the wake of the COVID-19 pandemic, which has made people more cautious about handling cash. By promoting digital payments, RBI is not only making it easier for travellers to transact, but also contributing to the safety and well-being of the general public.
In conclusion, the launch of the UPI facility for inbound travellers in India is a significant step towards promoting digital payments and reducing the use of cash in the economy. With the help of this facility, travellers can now transact seamlessly using UPI, making their stay in India more convenient and hassle-free.
Official notification by RBI - https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx
The facility, which was launched on February 21, 2023, is currently available to travellers from G-20 countries and can be accessed at select international airports in Bengaluru, Mumbai, and New Delhi. Eligible travellers will be issued Prepaid Payment Instruments (PPI) wallets linked to UPI, allowing them to make payments at merchant outlets across the country. Additionally, delegates from G20 countries can also avail this facility at various meeting venues.
To make this facility available, RBI has partnered with ICICI Bank, IDFC First Bank, Pine Labs Private Limited, and Transcorp International Limited. These institutions will issue UPI linked wallets to eligible travellers, making it possible for them to carry out transactions seamlessly.
This new facility is part of RBI's efforts to promote digital payments and reduce the use of cash in the Indian economy. By enabling travellers to make local payments using UPI, RBI hopes to make it easier for tourists to transact during their stay in India. Additionally, this facility is also expected to boost the adoption of UPI as a payment method, as more people become familiar with its ease of use and convenience.
The launch of this facility is a welcome development, especially in the wake of the COVID-19 pandemic, which has made people more cautious about handling cash. By promoting digital payments, RBI is not only making it easier for travellers to transact, but also contributing to the safety and well-being of the general public.
In conclusion, the launch of the UPI facility for inbound travellers in India is a significant step towards promoting digital payments and reducing the use of cash in the economy. With the help of this facility, travellers can now transact seamlessly using UPI, making their stay in India more convenient and hassle-free.
Official notification by RBI - https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx
