Travelers from G-20 countries will now be able to pay 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, it can be used for payment at more than five crore shops in India.
The G-20 nations comprise countries like Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK, and USA.
“Delegates from G20 countries can also avail this facility at various meeting venues,” the RBI added. To begin with, ICICI Bank, IDFC First Bank and two non-bank PPI issuers, Pine Labs Private Limited and Transcorp International Limited will issue UPI linked wallets.
RBI guidelines for Prepaid Payment Instruments (PPIs) to foreign nationals/NRIs visiting India
1) Banks/non-banks authorised to issue PPIs may issue full-KYC PPIs in INR to foreign nationals/NRIs visiting India. Such PPIs can also be issued in collaboration with entities licenced to deal in foreign exchange under FEMA.
2) PPIs shall be issued following physical verification of the customers’ passports and visas at the point of issuance. According to the central bank, PPI issuers will ensure that such information and records thereof are maintained with them.
3) The PPIs can be issued in the form of wallets linked to UPI and can be used for merchant payments (P2M) only.
4) Loading or reloading of such PPIs will be against receipt of foreign exchange by cash or through any payment instrument.
5) The conversion to the Indian rupee shall be carried out only by entities authorised to deal in Foreign Exchange under FEMA, RBI mentioned.
6) The amount outstanding at any point of time in such PPIs shall not exceed the limit applicable on full-KYC PPIs, it added.
7) Provisions of paragraph 13 on validity and redemption, as applicable, shall be adhered to. The unutilised balances in such PPIs can be encashed in foreign currency or
transferred ‘back to source’ (payment source from where the PPI was loaded), in compliance with foreign exchange regulations.
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