{"id":52960,"date":"2023-03-01T15:49:54","date_gmt":"2023-03-01T10:19:54","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=52960"},"modified":"2023-03-01T15:49:55","modified_gmt":"2023-03-01T10:19:55","slug":"rbi-guidelines-on-unified-payment-interface-for-international-travelers","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/rbi-guidelines-on-unified-payment-interface-for-international-travelers\/","title":{"rendered":"RBI Guidelines on Unified Payment Interface for International Travelers"},"content":{"rendered":"\n<p>In line with its efforts to further propel digital\npayments in India, the Reserve Bank of India or RBI recently announced the introduction\nof facilities which shall enable all inbound international travellers from\ncertain jurisdictions visiting India to make digital payments Unified Payment Interface\nor UPI while they are in India. RBI has introduced the new policy with a view\nto promoting digital payments in the country and to provide a seamless digital\npayment experience for international travellers visiting India. In a statement\nreleased on 8 February 2023 on developmental and regulatory policies, the RBI\ntalked about introducing this facility in India. Prior to this, non-resident\nIndians who had their foreign mobile phones connected to NRO or NRE accounts were\ngiven access to make payments through UPI. As per statements issued by the RBI,\nthe facility shall be available from 21 January. <\/p>\n\n\n\n<p>This\ndevelopment comes on the same day on which the linkage between the payment\nsystems of India and Singapore, namely the UPI system of India and the PayNow\nfrom Singapore. This was done with a view to facilitating cost-efficient and\nfaster digital transfers between the people of India and Singapore.<\/p>\n\n\n\n<p>The\nUPI-PayNow linkage shall enable users of payment systems in either country to\navail fast, safe, convenient, and cost-effective transactions between the two\ncountries using the mobile apps for the respective payment systems. Funds held\nin e-wallets or bank accounts shall be transferred to and from India mobile\nnumber or UPI ID, or virtual payment address. Initially, Indian Overseas Bank,\nState Bank of India, Indian bank and ICICI Bank both outward and inward\nremittances, while DBS India and Axis Bank shall facilitate inward remittances.\nFor users in Singapore, the service shall be made available through Liquid\nGroup or DBS Singapore.<\/p>\n\n\n\n<p>Customers\nof the above-mentioned participating banks can undertake cross-border\nremittances to Singapore using the mobile banking app or internet banking of\nthe bank. Initially, users shall be allowed to remit up to \u20b960,000\nin a day. This transaction is being made, former the system calculates and\ndisplays the amount and both currencies dynamically for the user\u2019s convenience.<\/p>\n\n\n\n<p>This\ninterlinkage shall be in accordance with G20\u2019s financial goal of driving\ncheaper, faster and transparent cross-border payments, and this shall be a considerable\nmilestone in the development of cross-border payments infrastructure between\nSingapore and India.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/rbi-guidelines-on-unified-payment-interface-for-international-travelers\/#What_is_a_Unified_Payment_Interface_UPI\" >What is a Unified Payment Interface (UPI)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/rbi-guidelines-on-unified-payment-interface-for-international-travelers\/#Eligibility_to_Avail_This_Facility\" >Eligibility to Avail This Facility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/rbi-guidelines-on-unified-payment-interface-for-international-travelers\/#RBI_Guidelines_for_PPIs_for_Non-Resident_Indians_or_Foreign_Nationals_Visiting_India\" >RBI Guidelines for PPIs for Non-Resident Indians or Foreign Nationals Visiting\nIndia<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/rbi-guidelines-on-unified-payment-interface-for-international-travelers\/#Which_Are_The_Financial_Institutions_Providing_This_Facility\" >Which Are The Financial\nInstitutions Providing This Facility?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/rbi-guidelines-on-unified-payment-interface-for-international-travelers\/#Where_Can_International_Travelers_Avail_Of_This_Facility\" >Where Can International Travelers\nAvail Of This Facility?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/rbi-guidelines-on-unified-payment-interface-for-international-travelers\/#Using_Unified_Payment_Interface_with_International_Mobile_Numbers\" >Using Unified Payment Interface with International Mobile Numbers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/rbi-guidelines-on-unified-payment-interface-for-international-travelers\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Unified_Payment_Interface_UPI\"><\/span>What is a Unified Payment Interface (UPI)?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Unified Payment Interface, or UPI, is a\nsystem of that bunches together multiple bank accounts into one mobile\napplication. It facilitates several banking features, merchant payments and\nseamless fund routing, all under a common platform. To transfer money through UPI,\na user is required to have an ID which is termed as the UPI ID. The Unified\nPayment Interface ID is a unique identification for a user&#8217;s bank account, which\nis used to send and receive funds from one bank to another. Users can use Unified\nPayment Interface without entering the receiver\u2019s UPI ID to initiate\ntransactions. The user is only required to select the contact number of the\nintended receiver from one\u2019s phone book or enter the contact number of the\nreceiver to send money through UPI. Unified Payment Interface PIN is a 4-digit\nor 6-digit personal identification number that is required to transfer money\nthrough UPI. Every account holder is provided with the option to set her UPI PIN\nin accordance with her convenience.<\/p>\n\n\n\n<p>There are many benefits of transferring money\nthrough Unified Payment Interface. This is because UPI payments are typically\nswift and can be completed within seconds. Almost every bank has allowed UPI\ntransactions through mobile phones. The payments that are made through UPI are\nentirely safe. The user only requires to have a working SIM card for her mobile\nphone and is also required to put in a unique MPIN every time. The UPI payment\nfacility allows users to request money from other individuals, which is not\noften an option for additional payment methods. The mobile payment application\nalso provides the facility for bill payments, which can help the user set timely\nreminders for bill payments and use the application to make such payments\ninstantly. The user can also file a complaint using the mobile payment\napplication in case if she notices any suspicious activity on her account or in\ncase of any other trouble.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_to_Avail_This_Facility\"><\/span>Eligibility to Avail This Facility<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nRBI has made this facility available to international travellers from the G-20\ncountries at certain international airports. The group of 20, or G20, is an\nintergovernmental forum comprising of major developing and developed economies\nof the world. The Unified Payment Interface feature shall be made available to\ntravellers to India from countries like Canada, France, Indonesia, Japan,\nMexico, Saudi Arabia, Turkey, the United States, Argentina, Brazil, China,\nGermany, Italy, the Republic of Korea, Russia, South Africa and the United\nKingdom. International travellers from these countries shall receive prepaid\npayment instrumentation or PPI wallets, which will be connected to Unified\nPayment Interface to be used while making purchases at many of the merchant\nestablishments in India.<\/p>\n\n\n\n<p>Prepaid\nPayment Instruments facilitate the purchase of services and goods against the\nvalue that is stored on such payment instruments. The stored values on these\ninstruments are the value that has been paid by the holder either through cash\nor credit card or by debit to a bank account.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RBI_Guidelines_for_PPIs_for_Non-Resident_Indians_or_Foreign_Nationals_Visiting_India\"><\/span>RBI Guidelines for PPIs for Non-Resident Indians or Foreign Nationals Visiting\nIndia<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>RBI guidelines with respect to PPIs for\nforeign nationals or non-resident Indians visiting India have amended the\nexisting Master Directions on Prepaid Payment Instruments issued on 7 August\n2021 by inserting paragraph 10.3 therein.<\/p>\n\n\n\n<ul><li>Banks\nand non-banks authorised to provide PPIs which shall be issued in rupees for\nNon-Resident Indians or foreign nationals visiting India, starting with\ntravellers from G20 countries arriving at certain international airports only,\nincluding Bengaluru, New Delhi and Mumbai. Such PPIs can also be issued in\nassociation with organisations under FEMA has the license to deal in foreign\nexchanges.<\/li><li>PPIs\nshall be issued to international travellers only after the physical\nverification of the visa and the passport of the client and the site of\nissuance. According to RBI, PPI issuers shall have to ensure that such records\nand information are kept on file with them.<\/li><li>The PPIs\nto international travellers can be issued only in the form of wallets that\nshould be linked to Unified Payment Interface and can be only used for P2M or\nmerchant payment transactions only.<\/li><li>Loading\nor reloading of PPIs shall be on the receipt of foreign exchange, either in\ncash or through any other payment mechanism from the foreign national or NRI.<\/li><li>According\nto the RBI, the conversion of foreign currency to Indian Rupees shall only be\ncarried out exclusively by firms under FEMA that are authorised to trade in\nforeign exchange.<\/li><li>The\noutstanding amount in these PPIs shall not exceed the applicable limits of the\nKYCs, at any time.<\/li><li>As\nper the RBI, any unauthorised balance such PPIs can either be sent back to the\nsource, that is, the payment source through which the PPI was loaded or can be\npaid back in foreign currency in accordance with regulations pertaining to\nforeign exchange.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_Are_The_Financial_Institutions_Providing_This_Facility\"><\/span>Which Are The Financial\nInstitutions Providing This Facility?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Initially, only IDFC First Bank and ICICI\nBank, along with non-banking institutions issuing PPIs, namely Transcorp International\nLimited and Pine Labs Private Limited, shall issue UPI-linked foreign wallets\nto international travellers to avail the facility of using UPI payments while\ntravelling in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_Can_International_Travelers_Avail_Of_This_Facility\"><\/span>Where Can International Travelers\nAvail Of This Facility?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>International travellers travelling to India can\navail of this facility at international airports, including those in New Delhi,\nMumbai and Bangalore, where the UPI payment option shall be available\ninitially. It is expected that the service shall soon be expanded to additional\ncities, airports and other entry points to the country, which shall enable\ninternational visitors travelling in India to enjoy the convenience and\nbenefits of QR-based UPI payments in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Using_Unified_Payment_Interface_with_International_Mobile_Numbers\"><\/span>Using Unified Payment Interface with International Mobile Numbers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are conditions for Non-Resident Indians\nwith international mobile numbers to use UPI. NRO or NRE account holders who\nhave international mobile numbers shall be allowed to register on the UPI\nplatform and initiate transactions on them if the below-mentioned conditions\nare fulfilled by them:<\/p>\n\n\n\n<ul><li>Member\nbanks are required to ensure that only the NRE account holders or NRO account\nholders meet the extant regulations of the Foreign Exchange Management Act or <strong><a class=\"text-primary\" href=\"https:\/\/corpbiz.io\/fema-compliance\">FEMA<\/a><\/strong> and adhere to guidelines and instructions of\nthe specific regulatory departments of the Reserve Bank of India or RBI from\ntime to time shall only be allowed to use UPI platforms with their\ninternational mobile numbers.<\/li><li>The\nbeneficiary and the remitter banks have to ensure compliance validation in\naccordance with the rules and that every critical check to combat the financing\nof terrorism or anti-money laundering is met with.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong>Reserve Bank of India<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/www.rbi.org.in\/\"><strong>[1]<\/strong><\/a><\/sup>, or RBI, recently announced the introduction of facilities which will enable all inbound international travellers from any of the G20 countries visiting India to make digital payments through the Unified Payments Interface while they are in India. RBI has introduced this new policy with a view to promoting digital payments in the country and to provide a seamless digital payment experience for international travellers visiting India. In a statement on developmental and regulatory policies released on 8 February 2023, the RBI talked about introducing this facility in India. Prior to this, only those Non-Resident Indians who had their foreign mobile phones connected to NRO or NRE accounts were given access to make payments through Unified Payment Interface. As per statements issued by the RBI, the facility shall be available from 21 January.<\/p>\n\n\n\n<p><strong>Also Read<\/strong>: <br><a href=\"https:\/\/corpbiz.io\/learning\/online-payment-gateway-license-india\/\">Overview Of Payment Gateway License In India\n<\/a><br><a href=\"https:\/\/corpbiz.io\/learning\/guidance-on-nbfc-compliances-as-specified-by-the-rbi\/\">Guidance On NBFC Compliances As Specified By The RBI\n<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In line with its efforts to further propel digital payments in India, the Reserve Bank of India or RBI recently announced the introduction of facilities which shall enable all inbound international travellers from certain jurisdictions visiting India to make digital payments Unified Payment Interface or UPI while they are in India. RBI has introduced the [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":52961,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[153],"tags":[3166],"acf":{"service_id":"410"},"authorName":"Sherin Jose","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-4-e1668575330329.jpg","authorDescription":"Sherin has degrees in Law and English Literature from the University of Delhi. She is adept at legal research and writing and enjoys discussing and analysing important legal developments. Her primary interests lie in Corporate, FinTech and IPR Law and she is always on the lookout for exploring new developments in the area. She is an avid reader who loves classics and contemporary fiction. She likes to travel, bake and obsess over cat videos in her free time.","postViews":7850,"readingTime":6,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/52960"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=52960"}],"version-history":[{"count":2,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/52960\/revisions"}],"predecessor-version":[{"id":52963,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/52960\/revisions\/52963"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/52961"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=52960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=52960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=52960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}