RBI Proposes Allowing All Inbound Travellers to Use UPI for Merchant Payments in India
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UPI payments for inbound passengers will be extended to travellers from G20 countries arriving at select international airports.
Taking into account the popularity of the UPI payment system, the Reserve Bank of India said it has proposed to permit all inbound travellers to India to use UPI for their merchant payments while they are in the country.
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The RBI governor Shaktikanta Das made the announcement while deliberating upon the outcome of the just-held three-day monetary policy committee meeting.
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"To begin with, this facility will be extended to travellers from G-20 countries arriving at select international airports," Das said.
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UPI payments system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.
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Further, in another announcement, Das said the RBI will launch a pilot project on QR code-based coin vending machines in 12 cities in the country.
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"These vending machines will dispense coins against debit to the customer's account using UPI instead of physical tendering of banknotes. This will enhance the ease of accessibility to coins," Das explained.