One World UPI Wallet introduced in India (Image Source: Gizbot)
The National Payments Corporation of India (NPCI) has recently introduced the One World UPI wallet, a new service aimed at international travellers visiting India.
This innovative wallet allows users to make Unified Payments Interface (UPI) transactions without the need for an Indian SIM card or bank account. Instead, it utilises Prepaid Payment Instrument (PPI) technology.
NPCI highlighted, “International travellers can manage their financial needs with UPI One World. The wallet offers easy loading and the ability to transfer any unused balance back to the original payment source. This initiative enables foreign travellers to experience India’s real-time payments system, marking a significant step towards a globally interconnected digital payments ecosystem.”
The One World UPI wallet was initially introduced at the 2023 G20 India Summit and is now being officially implemented.
As a prepaid wallet, it allows travellers to send money effortlessly, eliminating the complexities of currency exchange and operating without any transaction or onboarding fees.
To use One World UPI, travellers need to complete a standard know-your-customer (KYC) procedure, which includes providing details such as a passport, visa, and international phone number.
Travellers can load money into their One World UPI wallet using a credit or debit card or by exchanging money at select counters with assistance from forex experts.
Currently, One World UPI is available through NPCI partners such as IDFC First Bank and Transcorp. Interested travellers can access the service at select airports and merchant stores.
UPI: A Gift from India to the World
The Unified Payments Interface (UPI) developed by India is being adopted by numerous countries, integrating it into their payment systems to facilitate seamless and real-time transactions. Here is a detailed breakdown of the countries and their specific integrations:
1. United Arab Emirates (UAE): UPI is operational at NEOPAY terminals across the UAE. This partnership allows Indian travellers to use BHIM UPI for payments at NEOPAY-enabled stores, enhancing convenience for tourists.
2. France: France has recently adopted UPI, thanks to a collaboration between NPCI International Payments Limited (NIPL) and Lyra Network. This partnership aims to facilitate secure e-commerce and proximity payments using UPI.
3. Singapore: UPI has been linked with Singapore’s PayNow, enabling easier and cheaper cross-border transactions. This interoperability is designed to benefit NRIs, tourists, and students by reducing remittance costs.
4. Malaysia: NPCI partnered with Merchantrade Asia to enable UPI-based QR payments in Malaysia. This integration allows real-time remittances and enhances digital payment options for Indian travellers and residents.
5. Bhutan: Bhutan was the first country to adopt UPI after India. This move has strengthened digital payment options and cross-border financial transactions between the two countries.
6. Nepal: UPI was adopted in Nepal in December 2023, further expanding the digital payment ecosystem in the region.
7. Oman: Oman also integrated UPI in December 2023, enhancing payment convenience for residents and travellers.
8. Qatar: Qatar adopted UPI in March 2023, facilitating real-time digital payments and boosting financial interactions with India.
9. Russia: UPI was integrated in Russia in April 2023, promoting secure and efficient digital transactions for Indian travellers and businesses.
10. Sri Lanka: UPI adoption in Sri Lanka began in February 2024, furthering the reach of India’s digital payment system in South Asia.
11. Mauritius: Mauritius started using UPI in February 2024, enhancing the digital payment infrastructure for both residents and tourists.
12. United Kingdom: The UK has ongoing UPI integration through a partnership with PayXpert. This integration supports QR code-based payments, simplifying transactions for Indian tourists and residents.
13. Japan, South Korea, Taiwan, Hong Kong, Thailand, Philippines, Vietnam, Cambodia: These countries are part of NIPL’s partnership with Liquid Group, facilitating UPI-based QR payments and expanding digital payment options across North and Southeast Asia.
14. United States: In the US, UPI is supported through Google Pay, making it easier for Indian residents and travellers to make digital payments.
These integrations demonstrate UPI’s growing global footprint, providing secure, efficient, and real-time digital payment solutions across various countries.
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