Overseas Travellers from G20 Nations Can Make UPI Payments in India, says Reserve Bank of India

The Reserve Bank of India (RBI) has announced that travelers from G20 nations visiting India can now make payments using the country's leading mobile payment platform, the Unified Payments Interface (UPI). This move has been made to simplify the process of transactions for international tourists in India and to encourage digital transactions.

According to the RBI, all G20 nation travelers, including citizens and tourists, can now link their foreign bank accounts with the UPI platform, allowing them to make transactions while they are in the country. This move is a major step towards promoting digital transactions and cashless economy in India, and to make it easier for international visitors to pay for goods and services.

UPI is a real-time payment system that enables instant money transfers between two bank accounts using a mobile phone. The platform was launched in 2016 and has since become the preferred mode of digital payment for millions of people in India. With this move, international travelers can now use the UPI app to pay for things like hotel stays, food, and transportation, among others.

This move by the RBI comes at a time when India is witnessing a growing trend of digital transactions and cashless economy. The government has been encouraging citizens to adopt digital payments and use digital wallets and other payment systems to reduce the dependency on cash. This has led to the growth of several Fintech companies, which offer innovative payment solutions to consumers.

The RBI's move is also in line with the government's efforts to attract more foreign tourists to India. The ease of digital payments will not only make the experience of tourists better but also create a more conducive environment for businesses that cater to international visitors.

In conclusion, the Reserve Bank of India's decision to allow travelers from G20 nations to use UPI for transactions in India is a major milestone in the country's push towards a digital economy. This move will simplify the payment process for international travelers, encourage digital transactions, and promote the growth of Fintech Companies in India.

Quote Unquote: "UPI has become hugely popular for retail digital payments in India. It is now proposed to permit all inbound travelers to India to use UPI for their merchant payments (P2M) while they are in the country," RBI Governor Shaktikanta Das said while announcing the outcome of the bi-monthly Monetary Policy Committee on Wednesday.

To Conclude, this facility will be enabled across all other entry points in India well before the G20 Summit and the RBI shall issue much needed operational instructions soon.

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