The Reserve Bank of India (RBI) has recently released guidelines for the issuance of Unified Payment Interface (UPI) for foreign travelers and Non-Resident Indians (NRIs). According to the guidelines, passport and visa physical verification is mandatory for the issuance of UPI.
UPI is an instant real-time payment system developed by the National Payments Corporation of India (NPCI), which facilitates inter-bank transactions by instantly transferring funds between two bank accounts on a mobile platform. The system supports the instant transfer of money using a virtual payment address (VPA) without the need for bank details or IFSC codes.
Foreign travelers and NRIs visiting India can now avail the benefits of UPI for instant money transfers and bill payments. However, for the issuance of UPI, passport and visa physical verification is mandatory. The RBI has stated that authorized dealers, authorized money changers, and full-fledged money changers are authorized to conduct the physical verification of passports and visas.
Once the physical verification is completed, the authorized dealer or authorized money changer will issue a certificate, which will then be forwarded to the bank for the issuance of UPI. The bank will then activate the UPI facility for the foreign traveler or NRI after completing the necessary Know Your Customer (KYC) norms.
The RBI has also issued guidelines for the usage of UPI by foreign travelers and NRIs. The guidelines state that UPI can only be used for transactions in India and cannot be used for international transactions. Additionally, the usage of UPI by foreign travelers and NRIs is subject to the regulations prescribed by the RBI from time to time.
In conclusion, the RBI's move to mandate passport and visa physical verification for the issuance of UPI for foreign travelers and NRIs is aimed at promoting financial inclusion and providing a seamless and secure payment experience for visitors to India. The guidelines issued by the RBI will help to ensure that UPI is used in a safe and secure manner while providing convenience to foreign travelers and NRIs visiting India.
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