The recently introduced Unified Payments Interface (UPI) is now accessible to foreign nationals, including tourists from the Gulf and non-resident Indians (NRIs), thanks to an update to the Master Directions on Prepaid Payment Instruments by India’s central bank, the Reserve Bank of India.
Dr. Bhagwat Kisanrao Karad, the Minister of State for Finance, stated before India’s lower house of parliament, the Lok Sabha, that although UPI was introduced in India as a pilot project in April 2016, overseas nations just started adopting it last year. 51 million UPI transactions were made between January and June of this year, demonstrating its rising popularity.
UPI enables users to send money immediately for their requirements using mobile devices around-the-clock, 365 days per year. It makes it simpler for foreign visitors and NRIs to travel to and within India.
According to the National Payments Corporation of India, UPI is a system that integrates various bank accounts for smooth fund routing and merchant payments into a single mobile application of any participating bank.
The Reserve Bank and the Indian Banks’ Association launched the Corporation to run India’s retail payment and settlement systems.
“The Reserve Bank has been facilitating engagements for the expansion of UPI in countries which have potential for collaboration,” the Minister said in a statement to Parliament.
Additionally, a provision has been developed to give NRIs with international cell numbers connected to their non-resident accounts in India access to UPI, Dr. Karad continued.
Out of a total of 10 nations globally, the National Payments Corporation of India has authorised this capability for four Gulf nations: the UAE, Oman, Qatar, and Saudi Arabia.
