Reserve Bank of India Enables UPI Access for Foreign Nationals and NRIs Visiting India
In a significant move, the Reserve Bank of India (RBI) has granted foreign nationals and Non-Resident Indians (NRIs) visiting India access to the Unified Payments Interface (UPI), allowing them to conduct payments through UPI while in the country. This development was made official through circular no. RBI/2022-23/176CO.DPSS.POLC.No.S–1907/02.14.006/2022-23, dated 10th February 2023. As a result of this update, the RBI has revised its Master Directions on Prepaid Payment Instruments (PPIs).
The Union Minister for State for Finance, Dr. Bhagwat Kisanrao Karad, made this announcement in a written reply during a Lok Sabha session.
Highlighting the extent of this facility, the Minister specified that travellers from G-20 countries will now be able to utilize UPI for merchant payments at select international airports, including Bengaluru, Mumbai, and New Delhi.
Additionally, the RBI has taken a step further to provide UPI access to NRIs who have international mobile numbers linked to their NRE / NRO accounts, expanding the reach of UPI among the NRI community.
The National Payments Corporation of India (NPCI) has outlined the countries eligible for this facility, which includes Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE, and the United Kingdom.
The Minister shared that the acceptance of UPI transactions in foreign countries commenced in 2022, marking a significant milestone in the internationalization of UPI. For this purpose, the NPCI established a dedicated entity, NPCI International Payments Limited (NIPL), wholly focused on expanding the reach of UPI beyond India’s borders.
Furthermore, the RBI has actively engaged in fostering collaborations with countries that show potential for UPI expansion, demonstrating their commitment to promoting digital payment solutions on a global scale.
