Source: Sarvatra Technologies
Sarvatra Technologies Ltd., India's largest payments technology provider, announced its collaboration with ICICI Bank, IDFC First Bank and Pine Labs Private Limited, to facilitate all in-bound travellers visiting India to make local payments using Unified Payments Interface (UPI) while they are in India.
With this, Sarvatra Technologies becomes the first payments provider in India to enable three out of the four entities selected by RBI to launch the UPI payments facility to foreign travellers.
ICICI Bank, IDFC First Bank and Pine Labs Private Limited are being powered by Sarvatra Technologies to issue UPI linked wallets to eligible travellers at select international airports (Bengaluru, Mumbai and New Delhi) and meeting venues. The collaboration will enable foreign visitors from G20 countries to make payments at over five crore merchant outlets across India, that accept QR Code-based UPI payments.
Upon completion of full KYC, UPI linked wallets will be issued to the travellers coming to India.The customer would need to download the app of these entities. After downloading the app, they can sign in to use the INR denominated UPI linked wallets to pay at merchant and retail outlets via scanning of UPI QR codes. On departure, the balance can be encashed at the airport counters.
Speaking on the development, Mr. Mandar Agashe, Founder & MD, Sarvatra Technologies Ltd. said, “We are elated to serve our best technology to financial services entities in the country to enable UPI services for foreign delegates attending the G20 summit being held in India. This is in line with our commitment to embrace the vision of India to position UPI as a global payments enabler.
This collaboration has further strengthened Sarvatra’s leadership in the UPI ecosystem. UPI has already emerged as the country's leading mode of payment. Now, it is an opportune time to showcase the payments prowess of India to an international audience at a global event. The key decision makers from across the world can experience the UPI product by using it in-person. Further to our integration with ICICI Bank, IDFC Bank, Pine labs, we are looking to further revolutionize the payments ecosystem.”
Earlier this month, the Reserve Bank of India (RBI) announced a facility to enable all inbound travellers visiting India to make local payments using UPI while they are in India. The Central Bank also updated its Master Directions on PPIs to facilitate this.
After receiving the mandate from RBI, Sarvatra Technologies finished the integration of services with the three entities in a record time of two weeks.
Sarvatra Technologies provides UPI platform to more than 200 banks in India. Its UPI switch for ICICI Bank has been top ranking solution on various parameters. Through UPI, Sarvatra has enabled banks to provide better, faster, and more affordable funds transfer and utility bill payment services, offering enhanced customer satisfaction. The company’s payment platform is also available on the PaaS (Platform as a Service) model, which makes banking technology affordable, enabling even the smallest banks to adopt it.
In the last two decades since its inception, Sarvatra has grown multifold, offering a specific payments product stack in India for banks and enterprises, including UPI, AePS, IMPS, BBPS, eKYC, EFT, POS, ECOM, Debit Cards, Mobile Apps, Self Service Platform, Micro ATM, Cloud CBS, etc.