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Sarvatra Technologies Ltd. a payments technology provider, on Tuesday announced a collaboration with ICICI Bank, IDFC First Bank and Pine Labs Private Limited to facilitate foreign visitors from G20 countries to make local payments using Unified Payments Interface (UPI) while they are in India.
With this, it has become the first payments provider in India to enable three out of the four entities selected by Reserve Bank of India (RBI) to launch the UPI payments facility to foreign travellers.
The collaboration will enable all in-bound travellers visiting India to make local payments using Unified Payments Interface (UPI) while they are in India, as per the tech company.
ICICI Bank, IDFC First Bank and Pine Labs Private Limited are being powered by Sarvatra Technologies to issue UPI linked wallets to eligible travellers at select international airports (Bengaluru, Mumbai and New Delhi) and meeting venues.
Upon completion of full KYC, UPI linked wallets will be issued to the travellers coming to India. The customer would need to download the app of these entities. After downloading the app, they can sign in to use the INR denominated UPI linked wallets to pay at merchant and retail outlets via scanning of UPI QR codes. On departure, the balance can be encashed at the airport counters.
Speaking on the development, Mandar Agashe, Founder & MD, Sarvatra Technologies Ltd. said, "We are elated to serve our best technology to financial services entities in the country to enable UPI services for foreign delegates attending the G20 summit being held in India. This is in line with our commitment to embrace the vision of India to position UPI as a global payments enabler.
"UPI has already emerged as the country's leading mode of payment. Now, it is an opportune time to showcase the payments prowess of India to an international audience at a global event. The key decision makers from across the world can experience the UPI product by using it in- person. Further to our integration with ICICI Bank, IDFC First Bank, Pine labs, we are looking to further revolutionize the payments ecosystem," he added.
Earlier, the central bank announced a facility to enable all inbound travellers visiting India to make local payments using UPI while they are in India. The Central Bank also updated its Master Directions on PPIs to facilitate this.
After receiving the mandate from RBI, Sarvatra Technologies finished the integration of services with the three entities in a record time of two weeks.
(Edited by : Anushka Sharma)
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