EXPLAINED: WHAT IS UPI ONE WORLD WALLET; HOW TO USE, BENEFITS AND ALL OTHER DETAILS

The National Payments Corporation of India (NPCI) introduced a new digital payment solution named 'UPI One World' for international visitors to India. The UPI One World wallet is tailored for tourists from countries that have collaborated with India's Unified Payments Interface (UPI) system. This initiative aims to offer foreign travellers a seamless and efficient method for digital transactions throughout their stay in India.

This intuitive payment solution is designed to improve the travel experience for international guests, enabling them to fully enjoy India's attractions without the hassle of currency exchange or cash handling.

The introduction of UPI One World is a collaborative effort involving several key players. The National Payments Corporation of India (NPCI) has teamed up with IDFC First Bank and Transcorp International Limited to roll out this payment solution. The project has been overseen by the Reserve Bank of India (RBI). While this new payment system builds upon a similar technology first demonstrated at the G20 summit in New Delhi last year, it represents an expansion of that initial concept.

Availability of UPI One World Wallet

The UPI One World wallet brings the advantages of India's Unified Payments Interface (UPI) system to a broader international audience. This digital payment solution is accessible to tourists from various countries, extending UPI's reach beyond India's borders.

Special Availability for World Heritage Committee Attendees

In addition to its general availability, the wallet service will be provided to attendees of the World Heritage Committee meeting, taking place in New Delhi from July 21 to July 31. By offering this service to delegates, the organisers aim to simplify financial transactions during the conference, allowing participants to focus on the event rather than payment issues.

Key Features of the UPI One World Wallet

• Simplified Currency Handling

The wallet eliminates the need for visitors to carry physical cash or deal with complex foreign exchange procedures.

• Convenient Acquisition

Travellers can obtain the wallet from approved Prepaid Payment Instrument (PPI) providers at locations such as airports, hotels, currency exchange offices, and at Bharat Mandapam, the venue for the World Heritage Committee meeting.

• Identity Verification

To use the wallet, users must undergo a thorough Know Your Customer (KYC) process, presenting their passport and a valid visa.

• Easy Transactions and Refunds

Payments can be made via QR code scanning at participating merchants. Any remaining funds can be refunded to the original payment method in line with foreign exchange regulations. This feature aims to enhance the travel experience by making financial transactions smoother for international visitors.

How to get started with UPI ONE WORLD

• Download and Sign In: Install the issuer app and log in.
• Verify Documents: Present your passport and valid visa in person at the issuer counter.
• Receive UPI ONE WORLD: The service will be issued to your international mobile number.
• Load INR Value: Fund your UPI wallet by:
• Exchanging foreign currency at the issuer counter with the assistance of forex experts.
• Using a credit or debit card.
• Make Payments: Use the preloaded INR for transactions at merchant outlets.
• Encash Remaining Balance: Convert any remaining balance to cash before departure.

Benefits of UPI ONE WORLD wallet

• No Cash Hassle: Avoid carrying cash and managing multiple foreign currency exchanges.
• Secure and Instant: Enjoy easy, safe, and immediate digital payments.
• Track Transactions: Monitor your spending through the transaction history in the PPI-UPI app.

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