NPCI launches One World UPI wallet for international travellers

On Monday, July 22nd, 2024, the National Payments Corporation of India (NPCI) has announced the launch of One World UPI wallet for international travellers coming to India, for the convenience of making payment. Using Prepaid Payment Instrument (PPI) technology, this wallet will enable users to make UPI payments without requiring an Indian SIM card or bank account, according to a report by The Indian Express. 

NPCI stated, “International travellers can organise 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. By enabling foreign travellers to experience the real-time payments system developed by India, we are taking a significant stride towards creating a more interconnected global digital payments ecosystem.”

The One World UPI wallet is now being rolled out; it was initially unveiled in 2023 during the G20 India conference. It functions effectively as a prepaid wallet, saving users the trouble of converting money and eliminating onboarding and transaction costs. 

The One World UPI wallet is a groundbreaking development in digital payment solutions, tailored specifically for international travelers. This innovative service, provided through a collaboration between NPCI, IDFC First Bank, and Transcorp, aims to simplify financial transactions abroad by integrating a seamless payment method into the Unified Payments Interface (UPI). By leveraging the One World UPI wallet, travelers can bypass the complexities of currency conversion and cash handling, streamlining their financial interactions while overseas.

To utilize the One World UPI wallet, users must complete a know-your-customer (KYC) process, which requires submission of essential documents such as a passport, visa, and an international phone number. Once the KYC process is completed, travelers can enjoy the convenience of the One World UPI wallet at select airports and merchant outlets where this service is offered.

Loading and Managing Funds with the One World UPI Wallet

The One World UPI wallet allows users to load funds using credit or debit cards. This functionality makes it easy for travelers to add money to their wallet, either through online transactions or at specific counters. Although the precise maximum amount that can be loaded into the wallet is not currently specified, the use of credit and debit cards provides flexibility in funding the wallet according to individual needs.

In addition to card-based transactions, the One World UPI wallet supports currency exchange services at designated counters. Forex professionals at these counters assist travelers in converting their local currency into the digital funds needed for the One World UPI wallet. This feature adds another layer of convenience for those who prefer handling their currency exchange needs in person.

While the ability to return unused funds to the original payment source is in accordance with foreign exchange laws, specific details regarding this process have not yet been disclosed. Travelers should be aware that any remaining balance might be subject to the regulations governing currency conversion and return procedures.

Using the One World UPI Wallet for Transactions

The One World UPI wallet offers a versatile range of payment options for travelers. Users can pay at merchant locations by scanning QR codes, which facilitates quick and secure transactions. This method aligns with the growing trend of digital payments and enhances the convenience of managing expenses abroad.

Furthermore, travelers can choose to load their One World UPI wallet with cash or other payment methods at participating outlets. This flexibility allows users to tailor their payment approach according to their preferences and needs while ensuring that they have access to the necessary funds for their transactions.

The introduction of the One World UPI wallet aligns with NPCI’s broader vision of advancing India’s digital economy and pioneering innovative retail payment solutions. By offering a user-friendly, efficient, and secure payment method for international travelers, the One World UPI wallet underscores the commitment to enhancing financial technology and supporting global travel needs.

In June 2024, the UPI system demonstrated its extensive reach and reliability with approximately 14 billion transactions totaling Rs 20.07 trillion (~USD 240 billion). This impressive volume of transactions highlights the widespread adoption and trust in UPI, setting a robust foundation for the success of the One World UPI wallet.

The One World UPI wallet represents a significant leap forward in digital payment solutions for international travelers. By simplifying currency conversion and offering a range of funding and payment options, it addresses many common challenges faced by those traveling abroad. With the backing of NPCI, IDFC First Bank, and Transcorp, the One World UPI wallet is poised to make financial transactions more accessible and convenient, aligning with the broader goals of digital innovation and economic advancement. As the One World UPI wallet continues to evolve, it promises to enhance the travel experience for users worldwide, ensuring that financial management remains seamless and hassle-free.

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