UPI facility to inbound travellers for merchant payments at airports: RBI
- All inbound travellers to use UPI payments for their merchant payments while they are in the country, says RBI
The Reserve Bank of India has proposed to extend the UPI facility to inbound travellers for merchant payments; initially to travellers from G20 countries.
UPI has become hugely popular for retail digital payments in India. It is now proposed to permit all inbound travellers to India to use UPI for their merchant payments (P2M) while they are in the country. To begin with, this facility will be extended to travellers from G-20 countries arriving at select international airports.
“It's now proposed to permit all inbound travellers to use UPI payments for their merchant payments while they are in the country. To begin with, this facility will be extended to travellers from G20 countries arriving at select international airports,” said RBI Governor Shaktikanta Das.
UPI payments system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.
“The RBI’s announcement around extending UPI facility for inbound travellers to India is a great initiative. Customers coming to India will now be able to use UPI while carrying out P2M transactions. This is a great move to scale up the use of digital payments in India as well as improve their payment experience,” said Rajsri Rengan, Head of Banking and Payments, India and Philippines, FIS.
Further, in another announcement, Das said the RBI will launch a pilot project on QR code-based coin vending machines in 12 cities in the country.
"These vending machines will dispense coins against debit to the customer's account using UPI instead of physical tendering of banknotes. This will enhance the ease of accessibility to coins," Das explained.
Based on the learnings from the pilot project, Das said guidelines will be issued to banks to promote the distribution of coins using these QR code-based vending machines.
*With agency inputs
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
First Published:8 Feb 2023, 10:52 AM IST
- Top Gainers
- Top Losers
- 52 Week High