Unified Payments Interface (UPI) has revolutionized the way Indians make payments, offering a fast, secure, and convenient method for handling everyday transactions. But did you know that UPI is now making its way beyond India’s borders? As part of a global expansion, the Reserve Bank of India (RBI) is collaborating with other countries to bring UPI apps to the international stage, making cross-border payments easier and more efficient.
In this blog, we will explore how UPI is transforming global payments, how you can set it up for international transactions, and the steps to use it safely and effectively.
Is UPI Accepted for International Transactions?
UPI is increasingly being accepted for cross-border payments, making it a game-changer for international transactions. The National Payments Corporation of India (NPCI) has launched UPI Global Acceptance, a feature that allows users to make QR code-based payments at select international merchant locations directly from their Indian bank accounts using UPI-powered applications. This initiative opens up new possibilities for travelers and businesses, simplifying how payments are made abroad.
UPI has already found its place in countries like Bhutan, UAE, Malaysia, Singapore, and even France. Imagine visiting the Eiffel Tower and using UPI to scan a QR code for payments—no need for currency exchanges or complicated international bank transfers. This capability enhances the convenience of making purchases internationally without the hassle of currency conversions or high transaction fees.
Steps to Set Up UPI for International Transactions
Setting up UPI for international transactions is a straightforward process that can open up a world of convenience for your payments abroad. Whether you’re traveling or making purchases from foreign merchants, having UPI ready to go can save you time and hassle.
To set up UPI for international transactions, follow these steps:
- Open your UPI app.
- Click on your profile picture.
- Navigate to Payment settings or UPI settings.
- Look for the UPI International option and click on it.
- Tap the Activate button next to the account you wish to activate for international payments.
- Enter your UPI PIN for verification.
Keep in mind that the steps may vary across different UPI platforms, and not all apps support international transactions. Also, the official limit for UPI transfers for foreign remittances is up to ₹2,00,000 in one transfer. If you need to send an amount exceeding this limit, it’s better to transfer the funds directly to the recipient’s bank account rather than their UPI address.
How to Make UPI Transactions Internationally
Making UPI payments internationally is a breeze once you’re set up. With just a few simple steps, you can complete transactions seamlessly while enjoying your travels.
Let’s dive into how to make these payments effortlessly:
Check for Acceptance
Look for a BHIM UPI or network partner sticker at the merchant location to confirm they accept UPI transactions.
Scan the QR Code
Use your UPI app to scan the provided QR code for payment.
Verify Payment Details
Before finalizing, double-check the payment details. Make sure the amount is correct in both the local currency and Indian rupees, along with any applicable exchange rates or fees.
Enter Your PIN
To complete the transaction, input your UPI PIN and authorize the payment. You and the merchant will both receive notifications confirming that the payment was successful.
Tips for Safeguarding Your UPI Transactions
Using UPI for international transactions is convenient, but it’s essential to prioritize security. Keep these tips in mind to make the most of UPI internationally:
- Use a Strong PIN: Create a unique UPI PIN and keep it confidential. Avoid easily guessable numbers, such as your date of birth or parts of your phone number.
- Secure Your Device: Protect your smartphone with strong passwords and biometric locks to prevent unauthorized access.
- Monitor Transactions: Regularly review your transaction history for any unauthorized activities. After each transaction, you should receive an SMS from your bank confirming the amount.
- Be Cautious of Phishing Scams: Stay alert for suspicious links or fraudulent communications that may attempt to steal your information.
- Use Official Apps: Always download UPI apps from official sources and carefully read the terms and conditions before using them.
- Logout After Transactions: Make it a habit to log out of your app after completing transactions to safeguard your information.
The Way Forward
Using UPI for international transactions opens up a world of convenience and flexibility for your payments. With just a few simple steps, you can enjoy seamless transactions while traveling or shopping abroad. Don’t forget to consider Bajaj Finserv, which makes handling your UPI payments even easier. You can access exclusive offers and enjoy a smooth experience.
