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India Is Testing UPI For International Tourists

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 ๐Ÿ‘‡

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 ๐Ÿ’ณ 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.



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Abhinav Paliwal

Abhinav Paliwal

CEO

PayNet Systems

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08 Jun 2021

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India

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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