The National Payments Corporation of India (NPCI) has announced the expansion of its ‘UPI One World‘ wallet service to all inbound international travellers visiting India. This initiative aims to provide a seamless, real-time digital payment experience, simplifying the financial transactions of foreign visitors and enhancing their ability to explore India’s rich cultural heritage and vibrant landscapes.
In a special move, the ‘UPI One World’ wallet will also be available to delegates attending the World Heritage Committee meeting in New Delhi from July 21-31, 2024. This service will facilitate their stay by enabling easy and secure digital payments throughout their visit.
Expansion beyond G20 nations
Initially introduced for foreign nationals and NRIs from G20 countries during the summit hosted by India last year, the UPI One World wallet is now available to travelers from many more countries. This expansion allows visitors to experience the convenience and security of India’s homegrown digital payment technology, eliminating the need to carry cash or navigate the complexities of foreign exchange transactions.
Accessibility and usage
The UPI One World wallet can be obtained through authorised Prepaid Payment Instrument (PPI) issuers at various touchpoints, including airports, hotels, designated money exchange locations, and other points of entry. The wallet issuance requires a full KYC process based on a passport and valid visa. For the World Heritage Committee delegates, arrangements will be made at Bharat Mandapam, the event venue in New Delhi.
Once issued, the wallet can be loaded with funds either in cash or through other payment methods. International travelers can then use the UPI One World app to make payments at merchant locations by simply scanning QR codes. Any unused balance can be transferred back to the original payment source in compliance with foreign exchange regulations.
This initiative has been made possible through the collaborative efforts of NPCI, IDFC First Bank, and Transcorp International, under the guidance of the Reserve Bank of India.
In 2023, 1.3 million Indian students studied overseas, marking a 25% increase from the previous year. This number is expected to rise to 1.5-2 million by 2025. India’s total expenditure on overseas education reached an astounding $60 billion last year, underscoring the immense potential of this segment. Niyo is gaining popularity among students heading to emerging education destinations such as Kazakhstan, Uzbekistan, Azerbaijan, and the Philippines.
“We are thrilled to offer the UPI experience to international guests visiting India through UPI One World. This move aims to enhance the visitor experience by equipping them with UPI, the most preferred payment choice among Indians. International travelers can manage their financial needs conveniently and transfer any unused balance back to the original payment source. By enabling foreign travelers to experience the real-time payment system developed by India, we are taking a significant stride towards creating a more interconnected global digital payments ecosystem,” an NPCI spokesperson commented.This initiative highlights India’s leadership in the global digital payments landscape, offering the international community an opportunity to engage with and benefit from India’s Digital Public Infrastructure (DPI) success. In June 2024, UPI processed nearly 14 billion transactions valued at INR 20.07 trillion (~USD 240 billion), underscoring its pivotal role in India’s digital economy.
By extending the UPI One World wallet to all inbound international travellers, NPCI aims to not only simplify their payment experiences but also demonstrate the robustness and versatility of India’s digital payment infrastructure on a global stage.’
