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The G-20 is an intergovernmental organization that brings together the world's top established & developing economies, including Argentina, Brazil, Australia, Canada, France, China, Germany, Indonesia, India, Italy, the Republic of Korea, Japan, Mexico, Saudi Arabia, Russia, South Africa, United Kingdom, Turkey, United States, & the European Union.
On Tuesday, 22nd February 2023 a brilliant piece of news came from RBI stating that "Inbound Travelers from the G-20 can now utilize the Unified Payment Interface (UPI) to make purchases while in India."
In a statement, the central bank said that travelers to India can now enjoy the ease of UPI payments at any of the country's more than five crore merchant establishments that accept QR Code-based UPI payments.
At first, 3 international airports will make it accessible to visitors from G-20 nations that are Kempegowda International Airport, Bengaluru, Chhatrapati Shivaji Maharaj International Airport, Mumbai, and Indira Gandhi International Airport, New Delhi.
Prepaid Payment Instruments (PPI) wallets connected to UPI will be given to qualified travelers so they can make purchases at merchant locations. This service is available to G20 delegates at several meeting locations.
After physically inspecting the customers' passports and visas at the place of issuance, the PPIs can be issued. The central bank stated that the PPI issuers will make sure that such information as well as a record of it is kept with them.
Such PPIs can only be loaded or reloaded in exchange for receiving foreign currency in cash or through another payment method. The amount due in these PPIs at any given time must not be greater than the cap imposed on PPIs requiring full KYC, it was added.
Originally, UPI-linked wallets will be offered by two banks & two non-bank PPI issuers. They include Transcorp International Limited, Pine Laboratories Private Ltd, IDFC Bank, and ICICI Bank.
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