The National Payments Corporation of India (NPCI) has launched the ‘UPI One World’ wallet for inbound travelers, across all nations of the world (some countries excluded as per regulatory guidance), visiting India. This initiative aims to provide foreign visitors with a seamless, real-time digital payment experience, enhancing their ability to explore India’s cultural and scenic wonders.
This innovative service will also be available to esteemed delegates attending the World Heritage Committee meeting in New Delhi from July 21-31, 2024.
The UPI One World wallet, initially introduced during last year’s G20 summit hosted by India, allows foreign travelers to experience the convenience and security of ‘Made in India’ technology, eliminating the need to carry cash and navigate complex foreign exchange transactions.
Authorized PPI issuers at airports, hotels, designated money exchange locations, and other touchpoints will provide the wallet after completing a full KYC process based on a passport and valid visa. These wallets will also be available at Bharat Mandapam in New Delhi, the venue for the World Heritage Committee meeting. Once issued, the wallet can be loaded with cash or other payment modes.
International travelers can use the UPI One World app to make payments by simply scanning QR codes at merchant locations. Any unused balance can be transferred back to the original payment source, in compliance with foreign exchange regulations.
This service has been made possible through the collaboration of NPCI, IDFC First Bank, and Transcorp International Limited, under the guidance of the Reserve Bank of India.
Notably, in June 2024, UPI processed nearly 14 billion transactions valued at Rs. 20.07 trillion (~USD 240 billion).