Kashyap Balakrishnan, Basic Supervisor within the division of funds and settlements at RBI, informed Enterprise At the moment on the central financial institution’s pavilion at G20: “Overseas nationals didn’t have an possibility to make use of UPI or different digital fee methods after they visited India. However now, they’ll use each UPI and e-Rupee for funds in India.”

“The primary possibility is UPI One World. Via it, even with out an account in an Indian checking account, international delegates could make digital funds,” he defined.

It’s value noting that funds by way of UPI One World aren’t restricted to international delegates attending the G20 Summit. The service was launched in February earlier this yr and caters solely to international guests in India. It features as a pay as you go fee instrument (PPI) built-in with UPI companies.

An alternative choice that international delegates can use for digital funds is e-Rupee, India’s central financial institution digital foreign money, which is issued by the Reserve Financial institution of India.

An RBI official current on the central financial institution’s pavilion famous that 4 banks have signed as much as make separate apps for international delegates by way of which they’ll use the e-Rupee for funds in India.

“ICICI Financial institution, Axis Financial institution, Canara Financial institution and State Financial institution of India have give you separate functions for international delegates by way of which they’ll make funds with out having an account in India,” he added.

The official additional defined, “The delegates will get a 10-digit voucher code, after they join utilizing that code, there will likely be some sum pre-loaded for them in order that they’ll make funds.”

All these developments have been made doable on account of RBI’s round that got here out in February this yr to permit entry to Unified Funds Interface (UPI) to Non Resident Indians (NRIs) and international nationals visiting India.