P2P payments being evaluated for UPI One World: sources
UPI One World service, which foreign travellers in India use for Unified Payments Interface-based transactions at merchant locations, may be opened up for interpersonal transactions early next year, said two people aware of the deliberations.
International travellers in India are allowed to use this mode of payment only for merchant transactions, but once the Reserve Bank of India (RBI) gives its nod for interpersonal transactions, they will be able to use this service to also pay small merchants, public transporters and tourist guides, among others.
Currently, five players--Pine Labs, IDFC First Bank, Payworld, Transcorp and Cheq (operated by Trio Tech Solutions)--are enabled on UPI One World.
These platforms need foreign tourists to undertake a full KYC (know your customer) when they arrive in India to create a prepaid wallet, which they can top up through their domicile bank accounts. The wallet money can then be used via UPI to pay merchants. Even non-resident Indians (NRIs) can use this feature to enable transactions via their domicile bank accounts.
However, UPI One World has two pain points which limit its popularity. One is the mandate for a physical KYC and the other is restriction to only merchant transactions.
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