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UPI Facility: Travelers from G-20 countries will now be able to make payments through UPI. The Reserve Bank of India (RBI) said that passengers arriving from G-20 countries can get UPI-linked ‘prepaid payment instrument wallets’ at Bengaluru, Mumbai and New Delhi international airports and through this at over five crore shops in India. But it can be used for payment.
RBI gave approval in early February
RBI had earlier this month (February 2023) decided to allow foreign nationals and NRIs visiting India to use UPI (Unified Payment Interface) upon arrival in India. The central bank had said that it would be started with passengers from G-20 countries arriving at select airports (Bengaluru, Mumbai and New Delhi). Prepaid Payment Instruments (PPI) wallets linked to UPI will be issued to eligible passengers for making payments at shops. RBI said, "Representatives of G20 countries can also avail this facility at various meeting places."
Which banks’ wallets will be issued
Initially, ICICI Bank, IDFC First Bank and two non-bank PPI issuers, Pine Labs Pvt Ltd and Transcorp International Ltd will issue UPI linked wallets. RBI said, "Travelers visiting India can now pay through UPI at over 50 million shops across the country that accept QR code-based UPI payments."
Which countries are included in G-20
G-20 is an intergovernmental forum of major developed and developing economies of the world. This includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
UPI based transactions in January stood at Rs 13 lakh crore
RBI has informed that transactions through UPI grew by 1.3 per cent on a monthly basis in January to Rs 13 lakh crore.
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