UPI One World wallet service extends to all inbound international travellers

UPI One World wallet, first introduced during the G20-2023, is now be available to people visiting from different countries to India. Foreign visitors can use the wallet to experience the convenience and security of the “made in India” technology. This eliminates the need to carry cash and the complexities of foreign exchange transactions. The wallet offers the convenience of making UPI payments without requiring an Indian SIM card or an Indian bank account and is based on collaboration with PPI players (Prepaid Payment Instrument).

The travellers simply cannot activate the wallet app staying at their home country.  They need to first land in India somehow and invest sometime in the initial KYC process. The UPI One World wallet can be availed through authorized PPI issuers at major Indian airports, select hotels, designated money exchange locations and other touchpoints, following a full KYC process based on a passport and valid visa.

It is essentially a prepaid wallet, which allows travellers to send money with ease and also removes the hassle of exchanging money with zero transaction and onboarding fees. To get on board with One World UPI, a user has to follow a know-your-customer (KYC) procedure, which requires details like a passport, visa, and an international phone number.

Load money into a One World UPI wallet

Once issued, the wallet can be loaded, either in cash or through other payment modes like credit or a debit card. Cash loading will involve exchange money at select counters with the help of forex experts. As of now, there is no information on whether there is a limit on how much money one can load into the wallet.

Start transacting

And then they can use the UPI One World app to make payments at merchant locations by simply scanning the QR codes.  Any unused balance can be transferred back to the original payment source, in accordance with foreign exchange regulations.

International travellers can organize their financial needs using UPI One World. It allows for convenient loading and enables the transfer of any unused balance back to the original payment source. This will enable foreign travellers to experience the real-time payments system, and mark a significant stride towards creating a more interconnected global digital payments ecosystem.

This enablement has been made possible by the joint efforts of NPCI, IDFC First Bank, and Transcorp International Limited, under the guidance of the Reserve Bank of India.

Summary:

1. Full KYC process using passport and valid visa
2. Load options against foreign currency cash or payment instruments
3. Real-time balance checking through the PPI-UPI app
4. Refund of unutilized balances in compliance with foreign exchange regulations.