The Reserve Bank of India on Friday issued a circular allowing travelers from G-20 countries to use mobile-based Unified Payments Interface (UPI) during their stay in India.
The Reserve Bank of India on Friday issued a circular allowing travelers from G-20 countries to use mobile-based Unified Payments Interface (UPI) during their stay in India. UPI is a payment platform, through which users can integrate different bank accounts on one mobile app, and through that, they can send and receive money from their bank account to another bank account from anywhere at any time. The RBI had on Wednesday announced the approval of foreign nationals and non-resident Indians (NRIs) to use UPI.
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These countries including Russia, China, and Japan are included in G-20
The RBI had said that the facility to use UPI would initially be available to passengers from G-20 countries arriving at select international airports in the country. Later this facility will be extended to all the entry points of the country. India took over the presidency of the G-20 on December 1, 2022. G-20 is a forum of developed and developing countries of the world. This includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
Transactions worth ₹13 lakh crore were done through UPI in January 2023
Let us tell you that the use of UPI in India is increasing rapidly. UPI, which was started with the aim of promoting digital payments under Digital India, is no longer limited to big cities, but it is also growing rapidly in rural areas. Transaction done through UPI is not only easy and convenient but also secure. In India, the payment made through UPI in January 2023 has been 13 lakh crore rupees with an increase of 1.3 percent on a monthly basis. In January 2023, a total of 803 crore transactions took place through UPI.
