Thread by @Abhishe27960014

🌐"UPI Goes International: Travelers from Abroad Can Now Use UPI!"

[THREAD🧵] 👇

1) UPI is a technology that allows users to link more than one bank account in a single smartphone app and make fund transfers without having to provide IFSC code or account number

#UPI #G20India

2) A foreign national visiting India can now use UPI to pay for goods and services in a matter of seconds, as per the permission granted by the RBI.

3) Initially, this service will only be available in selected airports of India for visitors from G20 nations.

4) How this will work?

A foreign visitor arriving in India can visit a bank kiosk available on airports, where they can make payments to that bank in their own currency.

The bank will then create a wallet linked to UPI apps like Google Pay or PhonePe on the visitor's phone.

5) What is the main advantage of UPI?

With UPI, users can avail the benefit of carrying all transactions using their smartphones without carrying cash.

6) What is the difference between UPI and BHIM/Phone Pay/Paytm/Google Pay?

UPI is a technology & Phone Pay/Paytm/Google Pay/BHIM are the apps.

These apps will use that technology internally to process our transaction requests.