Ebixcash has announced a new project wherein it brings Unified Payment Interface (UPI) option to foreign travellers visiting India from the G-20 countries.
This initiative by Ebixcash will help foreign travellers to access goods and services in India. In a statement, Ebixcash said it will carry out a pilot launch shortly in Bangalore at the G-20 summit, where dignitaries from 20 most powerful nations will also be present.
The G-20 nations include Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, and the US.
Also read:UPI for NRIs: Here’s how it works
In the initial stage, as per Reserve Bank of India (RBI) regulations, the service will start for visitors travelling from G-20 nations at selected international airports.
How will EbixCash work?
The EbixCash UPI service can be accessed after the physical verification of the Passport and Visa of an individual, at the place of issuance. Indian Rupee conversion can only be carried out by those authorised in dealing with Foreign Exchange under FEMA.
RBI said that both banks and non-banks authorised to issue prepaid payment instruments (PPIs) can also issue rupee-denominated full KYC-PPIs to NRIs and foreigners travelling to the country. PPIs like these can also be issued in co-branding arrangements where entities are authorised to trade foreign exchange under FEMA. Any amount that remains in such PPIs shall in no way exceed the amount limit in full-KYC PPIS.
Also read:How banks missed the UPI bus
PPIs can be issued via wallet payments linked to UPI,. such as Google Pay and PhonePe. In addition, the PPIs can only be used for payment to merchants (P2M).
Whatever amount is outstanding in the end in the PPIs, can be encashed in foreign currency or transferred ‘back to source’, in line with forex regulation.