UPI One World for foreign nationals visiting India launched

Bengaluru, Karnataka, India: RBI’s Deputy Governor Rabi Sankar, Chief General Manager P Vasudevan, Nandan Nilekani and NPCI’s MD & CEO Dilip Asbe have launched ‘UPI One World’ for foreign nationals visiting India. The launch was conducted at the JW Marriott, Prestige Golfshire Resort in Bengaluru which is hosting the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency. Transcorp is one of four entities permitted by RBI and NPCI to issue UPI One World to foreign nationals; and the only entity with both Foreign Exchange (AD2) and Payments (PPI) licenses required to exchange currency and thereafter issue UPI One World wallets. Mr. Gerardo Zuniga (Director of International Affairs, Bank of Mexico) was issued a UPI One World wallet and successfully transacted using Transcorp’s ‘@trans’ handle.

Ayan Agarwal, CEO (Payment Systems), Transcorp said, “We’re honoured to work for Nation and Network to showcase the prowess of UPI to the world. UPI One World will be powered by Transcorp’s trustworthy ‘@trans’ handle; we remain grateful to RBI’s progressive policies and superb support from NPCI. Transcorp aims to service the tens of millions of visitors who travel to India but till now have not been able to pay at the 50 million UPI QR accepting merchants. We welcome partnerships which leverage both our Payments and Forex licenses to deliver compliant and curated financial products to Indian and global citizens.”

Transcorp UPI One World wallets will initially be offered via the Transcorp-Cheq app to all G20 nationals and Non-Resident Indians (NRIs). A simple KYC based process followed by mobile registration will allow users to load money via International Currency/Cards and pay seamlessly at any QR code in India using the ‘@trans’ handle which operates on the interoperable UPI 2.0 rails.

Commenting on the same, Sudhanshu Shekhar of Cheq (Transcorp’s first partner to launch UPI on PPI), mentioned, “We are delighted to be at the forefront of global financial innovation based out of India and work towards nation building and maximising the potential of UPI. It has been a true pleasure working closely with NPCI and Transcorp to deliver UPI One World in under two weeks after the Reserve Bank of India updated its Master Direction.”

The first G20 FMCBG meeting under the G20 Indian Presidency sees the participation of Finance Ministers and Central Bank Governors of the G20 nations and heads of International Organisations. In total, there are 72 delegations attending the meeting including Smt. Nirmala Sitharaman, India’s Finance Minister. RBI Governor (Shri Shaktikanta Das), Government of India & Ministry officials, and delegates from various countries have visited the Transcorp booth at G20 to experience UPI One World, RingPay contactless payment rings and other financial innovations developed by Transcorp.

Transcorp International Limited is a 28 year old BSE listed and RBI regulated entity with Prepaid Payment Instruments and Authorised Dealer Category 2 licenses. The company offers a host of traditional financial services including foreign exchange, domestic/outward remittances and insurance via its 25 branches, ~1000 State Bank of India kiosks and ~5000 of touch points across India. As one of India’s earliest perpetual PPI license holders – the company has pioneered and democratised payments in India with its marquee fintech partners. Transcorp was the first non-bank to launch payment cards in India, enable UPI on PPI in a partnership model, issue revolutionary payment devices such as rings, keychains and metal cards. Transcorp has issued close to 2 million cards in India and continues to have a laser focus to enhance payments & remittances for individuals and companies by working closely with its partners to enable their fintech goals in a compliant manner.

–Press release through Business Wire India