Pune-based Indian payments technology provider Sarvatra Technologies Limited announced its collaboration with ICICI Bank, IDFC First Bank and Pine Labs Private Limited, to facilitate all inbound travellers visiting India to make local payments using the unified payments interface (UPI) service.
With this, Sarvatra Technologies claims to become the first payment provider in India to enable three out of the four entities selected by RBI to launch the UPI payments facility for foreign travellers.
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. The collaboration aims to enable foreign visitors from G20 countries to make payments at over five crore merchant outlets across India, that accept QR Code-based UPI payments.
Upon completion of full KYC, UPI-linked wallets will be issued to travellers coming to India. The customer will need to download the app of these entities and after that, they can sign in to use the UPI-linked wallets to pay at the 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 and MD, of Sarvatra Technologies Limited, 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.
Earlier this month, the Reserve Bank of India (RBI) 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 claims to finish the integration of services with the three entities in a record time of two weeks.