RBI allows travelers from G-20 nations to use UPI for merchant payments
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- By Chetan Kulasri
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- Last Updated on 15 February, 2023
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Circular No. RBI/2022-23/176 CO.DPSS.POLC.No.S–1907/02.14.006/2022-23, Dated 10.02.2023
The RBI has decided to allow access to Unified Payments Interface (UPI) to foreign nationals and NRIs visiting India. Consequently, the master directions on Prepaid Payment Instruments (PPIs) are modified. The PPIs shall be issued after physical verification of the Passport and Visa of the customers at the point of issuance.
Also, it can be issued in the form of wallets linked to UPI and can be used for merchant payments only. Further, the conversion to Indian Rupee shall be carried out only by entities authorised to deal in Foreign Exchange under FEMA. Various other conditions were prescribed for the same.
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