RBI has opened the UPI facility to inbound travelers for merchant payments, initiating this facility for travelers from the G20 countries, said RBI Governor Shaktikanta Das during his MPC announcement on February 8, 2023. Since the lockdown period, retail digital payments have increased using the UPI feature. Now, this feature will be available to inbound travelers for merchant payments in India, initially for travelers from G20 countries at selective international airports.
We are happy to share that you can now link your RuPay credit cards to UPI for merchant payments through Paytm. Just scan Paytm Pioneered QR code and pay through UPI, no need to carry credit cards everywhere!
Read about it here https://t.co/0LMqXTVrtt
— Paytm Payments Bank (@PaytmBank) February 7, 2023
This move will scale up the use of digital payments in India and move the economy toward the goal of digitalization. It will also add transparency to the flow of payments and prevent fraud with foreign travelers.
Besides UPI, Governor Das said that the central bank will also initiate a pilot project to launch QR code-based coin vending machines in a bid to ease access to coins.
RBI to launch a pilot project in 12 cities wherein a machine will vend coins based on QR codes. #RBI mulls permitting all inbound travelers into India to use #UPI for merchant payments. #rbipolicy https://t.co/1cb2IF2eob
— Ravi Prakash Kumar (@RaviPksThakur) February 8, 2023
