With the UPI real-time payment technology, instantaneous fund transfers between bank accounts are now possible in India. Instantaneous mobile money transfers are also achievable by connecting an individual’s different bank accounts to a single virtual payment address. There’s no need for actual exchanges or checks because transactions can be started around the clock.
A user must have an internet-connected mobile phone and a bank account to utilize UPI. Users must download a third-party app or their bank’s UPI-compatible mobile app. A unique UPI ID, bank account, IFSC code, and virtual payment address of the recipient are required to execute the transaction. This post aims to let you learn how the UPI payment app helps visitors today:
Foreign Visitors and UPI
There is plenty about India that draws in foreign visitors and supports the country’s tourism sector, from the backwaters of Kerala to the snow-capped mountains of Kashmir. But even in the digital age, international visitors are forced to pay with cash for these activities.
This happens particularly in remote locations where ATMs are hard to come by, and carrying a lot of cash might be dangerous.
Considering the difficulties foreign visitors encounter when completing transactions, India has allowed all incoming tourists to use the UPI payment app for all merchant payments, thereby elevating India as a travel destination of choice for all tourists.
Financial inclusion promotion:
By offering a simple and convenient payment method to those who are not able to use traditional banking systems, UPI has the potential to promote financial inclusion. Data presented to the Lok Sabha in February 2022 indicates 13.5 million NRIs. Taking UPI global will allow the already well-liked payment system to reach a larger audience.
Improving International Trade
Through UPI, cross-border trading becomes easier and more convenient for entrepreneurs and small firms. Additionally, by enabling UPI globally, Indian traders can serve worldwide consumers, enhancing trade between India and other nations.
Reduced Payment Fraud
India is a secular country where more than 20 languages are commonly spoken, so it’s probable that a greater proportion of the populace does not speak English well.
Foreign visitors find it challenging to bargain with street vendors due to the language barrier, which leaves them vulnerable to overcharging fraud. With its easy-to-use QR-code scanner and payment gateway technology, UPI minimizes and expedites the cost of digital payments for overseas visitors.
As a result, they are rendering them less susceptible to fraud. The UPI digital payment channel ensures smoother and healthier travel, which also lowers needless OTP verification fraud.
bridging the digital divide
By expanding UPI internationally, India may pass on its knowledge and experience to other nations in creating a robust digital payments infrastructure.
This can support global financial literacy initiatives and aid in closing the digital gap. Therefore, if UPI is made available in additional nations, it may become a compelling option for countries wishing to implement a digital payment system.
Wrapping it up:
UPI’s round-the-clock transaction facility and fraud prevention extended its use beyond boundaries. Furthermore, by sharing India’s knowledge globally, UPI application can promote trade between countries and close the digital divide. A zero saving account open is a wise option to join this globally benefitting UPI journey.
