Home
Internet
Internet News
RBI Proposes Allowing All Inbound Travellers to Use UPI for Merchant Payments in India

RBI Proposes Allowing All Inbound Travellers to Use UPI for Merchant Payments in India

UPI payments for inbound passengers will be extended to travellers from G20 countries arriving at select international airports.

By ANI | Updated: 8 February 2023 13:00 IST

RBI Proposes Allowing All Inbound Travellers to Use UPI for Merchant Payments in India

Photo Credit: Unsplash

UPI has become hugely popular for retail digital payments in India

Click Here to Add Gadgets360 As A Trusted Source

Highlights

This was the outcome of the three-day monetary policy committee meeting
The MPC is led by RBI governor Shaktikanta Das
RBI will also launch a project on QR code-based coin vending machines

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.

The RBI governor Shaktikanta Das made the announcement while deliberating upon the outcome of the just-held three-day monetary policy committee meeting.

"To begin with, this facility will be extended to travellers from G-20 countries arriving at select international airports," Das said.

UPI payments system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

RBI to Test QR Code-Based Coin Vending Machines Using UPI in 12 Cities

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.

"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.

Based on the learnings from the pilot project, Das said guidelines will be issued to banks to promote the distribution of coins using these QR code-based vending machines.

Paytm Registers Incentive of Rs. 130 Crore From UPI Transactions in 3 Quarters

Meanwhile, the Monetary Policy Committee (MPC) of the RBI decided to raise the repo rate, the rate at which the RBI lends money to all commercial banks, by 25 basis points to 6.5 per cent.

Since May last year, the RBI has increased the short-term lending rate (repo rate) by 250 basis points, including today's, to contain inflation.

Also, the Reserve Bank of India (RBI) has projected India's real GDP growth to be at 6.4 per cent for the next financial year 2023-24.

Reliance Retail to Accept Digital Rupee CBDC Payments in Mumbai, Details Here

The GDP projections for Q1, Q2, Q3, and Q4 2023-24 are estimated at 7.8 percent, 6.2 percent, at 6.0 percent, and 5.8 percent, respectively, with risks, evenly balanced.

Further, average retail inflation in India is projected to be at 5.3 during the next financial year 2023-24.

The projected inflation, Das said, is based on the assumption of a normal monsoon.

The inflation in Q1 2023-24 is expected at 5.0 percent, Q2 at 5.4 percent, Q3 at 5.4 percent, and Q4 at 5.6 percent, respectively.

For the current financial year 2022-23, inflation is projected at 6.5 percent, with an average of 5.7 percent in the January-March 2023 quarter, he said.

Samsung's Galaxy S23 series of smartphones was launched earlier this week and the South Korean firm's high-end handsets have seen a few upgrades across all three models. What about the increase in pricing? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.