The National Payments Corporation of India (NPCI) is nearing the completion of streamlining the KYC process for its UPI One World service, designed to facilitate UPI payments for foreigners during their visits to India. As reported by Tech-Economic Times, NPCI has requested approval from the Reserve Bank of India to implement this feature following a successful pilot program conducted for visitors from 40 countries at the recent India AI Impact Summit.
The initiative aims to leverage technology to enhance the ease of conducting financial transactions for international travelers in India. By digitalizing the KYC process, NPCI is paving the way for a smoother and more efficient payment experience using the UPI platform for foreign visitors.
This development underscores the increasing role of technology in simplifying cross-border financial interactions and aligning with global standards of digital payment convenience. If approved, this digital onboarding innovation could significantly improve the payment journey for foreigners in India, showcasing the technological advancements in the country’s financial services sector.
Source: Tech-Economic Times