Last week India's central bank amended its rules for prepaid wallets to allow foreign travellers to use Unified Payments Interface (UPI) to make payments in India. We've done an explainer on how this will work, but to give you the gist of it—foreign travellers will be able to load prepaid wallets linked to UPI with Indian Rupees and use the same to pay at online and offline stores that accept UPI. On February 21, the Reserve Bank of India (RBI) provided more details on which airports and banks will initially support this service. Which foreign travellers are eligible to use UPI in India? It will start with travellers from the G-20 countries and later expand to others. In which airports can foreign travellers obtain a UPI wallet? Bengaluru Mumbai New Delhi Additionally, delegates from G20 countries can also avail this facility at various meeting venues, RBI added. Who can issue UPI wallets? ICICI Bank IDFC First Bank Pine Labs Private Limited (non-bank PPI issuer) Transcorp International Limited (non-bank PPI issuer) Both, the list of airports and issuers, is expected to increase over time. Why does this matter? As we've noted before, allowing foreign travellers to use UPI means that they will not have to carry large amounts of cash on them or rely on debit and credit cards that are not accepted in India as widely as UPI. In RBI's words, "travellers visiting India can now experience the convenience of UPI payments at over five crore merchant outlets across India." Also Read Explained: How…
