The RBI governor said, “UPI has become extremely popular for retail digital payments in India. It is now proposed to allow all travelers arriving in India to use UPI for merchant payments (P2M) during their stay in the country. ” Shaktikanta Das,
Pilot begins with G20 countries
Initially this facility will be extended to passengers from G20 countries arriving at select international airports. The governor said that this facility would be enabled at all entry points in the country, starting from select international airports. Unified Payments Interface (UPI) has become a ubiquitous payment instrument for retail electronic payments in India. A recent enhancement has been made to provide UPI access to NRIs who have international mobile numbers linked to their NRE/NRO accounts. It is now proposed to allow all travelers arriving in India to use UPI for their merchant payments (P2M) while they are in the country, the RBI said in a statement.
The governor also announced that the Reserve Bank would launch a pilot project based on QR code coin vending machine (QCVM) in 12 cities.
What is G20
The G20 or Group of 20 is an intergovernmental forum of the world’s major developed and developing economies. India has assumed the presidency of G20 for one year from December 1, 2022 to November 30, 2023. These include 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 (EU).