G20 Summit: Number Of Countries Have Shown Interest In Using UPI, Says RBI Executive Director

A number of countries have shown interest in using UPI or collaborating with UPI’s tag in some form or the other, said the Reserve Bank Executive Director Vivek Deep on Saturday. India is showcasing its cutting-edge Fintech innovations at the G20 summit venue including UPI, Digilocker, Bhashini, Aadhar, and e-Sanjeevani among others. 

“There are a number of countries which have shown interest in using UPI or collaborating with UPI’s tag in some form or the other so that they can can benefit from the UPI experience. We are already in talks at various levels with the appropriate agencies in those countries,” Vivek Deep, Executive Director, RBI, told news agency PTI. 

VIDEO | “There are a number of countries which have shown interest in using UPI or collaborating with UPI’s tag in some form or the other so that they can can benefit from the UPI experience. We are already in talks at various levels with the appropriate agencies in those… pic.twitter.com/RsKmF9flSu

— Press Trust of India (@PTI_News) September 9, 2023

Day one of the G20 Leadership Summit has been kicked off at the Bharat Mandapam, ITPO complex at the Pragati Maidan. It was earlier reported that at the venue, the delegates will come across the Reserve Bank of India (RBI) innovation centre, which will display the most cutting-edge Fintech ideas. A Digital India Experience Zone has also been established so that international leaders can see the country’s digital infrastructure such as UPI, Digilocker, Bhashini, Aadhar, e-Sanjeevani, and so on.

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According to a report by Business Today, foreign delegates attending the G20 Summit will be able to use e-Rupee and UPI for making payments in India, even if they do not possess an Indian bank account. Kashyap Balakrishnan, the General Manager of the Department of Payments and Settlements at the RBI, said that foreign nationals previously lacked the option to utilise UPI or other digital payment systems while visiting India. However, now they have access to both UPI and e-Rupee for conducting transactions in India.

One of the options available to foreign delegates is “UPI One World,” the report said. 

With this option, foreign visitors can make digital payments in India without the need for an Indian bank account. It’s worth noting that UPI One World is not limited to G20 Summit attendees; it was introduced in February of the current year and is specifically designed for foreign visitors in India. This service operates as a prepaid payment instrument (PPI) integrated with UPI services.

Additionally, foreign delegates have the option to use e-Rupee, India’s central bank digital currency, which is issued by the RBI.