UPI is a system that bunches multiple bank accounts into a single mobile application enabling P2P and P2M fund transfers.
India central bank RBI enabled UPI to be now be available for visitors from #G20 countries,
who are travelling to India from abroad.
This is how it will work 👇
Once your passport and visa will be physically validated - After this, You can get a full #KYC wallet connected to your (non-Indian)
mobile phone.
The wallet can be loaded with money using your foreign card 💳 or any other forex transaction
The wallet can then be used for UPI #payments to merchants only. You cannot do a P2P transaction.
When you leave India, you can request a redemption back to forex, or to pay the money back into the card from where it was loaded.
The wallet will be valid for at least a year or more.
FEMA-registered organisations can tie up with banks to offer this as a co-branded service.