UPI One World: What it is, Who can use, Key Features and Other Details

UPI has brought a revolution in digital payments in India. There’s no need to take cash with you in any part of India, as UPI QR codes are a mainstay in even small shops across the country. UPI One World is a new product from UPI that enables tourists and NRIs who don’t have an Indian Bank account or Indian mobile number to use the existing UPI ecosystem. We explain what UPI One World is and how it works in this article.

UPI One World: What is it?

UPI One World is basically a digital UPI wallet, which can be purchased at airports, select hotels and forex money exchange services.

UPI One World was unveiled first by NPCI (National Payments Corporation of India) at the G20 summit held last and it was only available for the delegates from the G20 nations. Now UPI One World is available for people from all around the world.

Foreigners or NRIs can enter the UPI ecosystem in India by getting a UPI One World wallet at issuer touchpoints found in airports, hotels, and money exchange spots, by completing a KYC and presenting their Passport and Visa.

UPI One World wallet can be loaded with any currency while getting the wallet, and it will be converted to Indian Rupees in the issuer app. This money from the wallet in Indian Rupees can be used to make payments to any merchants accepting UPI payments in India. According to NCPI, over 5 crore merchants are accepting UPI payments, and as the world’s largest real-time payments ecosystem, this will be a huge boon for travellers and tourists visiting India.

UPI One World: Features & Benefits

• Can be used anywhere in India – UPI One World wallet can be used to make purchases across all merchants with a UPI QR code in India. Merchants will receive funds as if the purchase was made through a normal UPI transaction.
• Eliminates the need for cash – Foreigners on vacation in India no longer need to carry cash, as UPI is widely accepted and the ecosystem is huge.
• Easily track spending – As the need for cash is eliminated, visitors can easily track their spending directly from the UPI app.
• Can be purchased using cash or international cards – UPI One World digital wallet can be purchased using cash in any currency at money exchange spots around the country or using international cards.
• Can be top-up – The UPI One World wallet can be recharged using cash or international cards. Money can be added to the wallet right from the app using international cards.
• Get a refund of any remaining balance – Any unused balance in the UPI One World wallet can be redeemed at any of the UPI One World outlets before departure.
• No extra fees – There is no onboarding fee or transactional fee associated with UPI One World.

UPI One World Wallet Apps

Currently, there are two approved UPI One World Wallet apps:

• Transcorp Cheq:UPI – Android | iOS
• IDFC First Bank UPI – Android | iOS

NCPI has given authorisation only to two financial entities (issuers) to run UPI One World initially – Transcorp and IDFC First Bank. There might be more providers on the way in the future.

NOTE: Cheq:UPI is not to be confused with the popular credit card payment and UPI app CheQ, Cheq:UPI is a different app from a different service provider

Where to buy UPI One World Wallet & Where to use it?

UPI One World wallet can be purchased from Transcorp and IDFC First Bank, and they are available at airports, hotels, designated money exchange locations, and other places.

UPI One World wallet can be used in every place where UPI is accepted. In India, UPI is widely accepted by merchant stores, grocery stores, e-commerce portals, hotels, restaurants, auto-rickshaws, movie theatres, vegetable sellers, and more.

How to Avail UPI One World Service?

You cannot just download the apps listed above and avail of the service, as a physical KYC needs to be done before activating the UPI One World wallet. Here’s how to do that:

1. Visit the issuer counters and download the issuer app.
2. Do KYC at the counter. KYC can be done via Passport and Valid Visa at the issuer’s counter.
3. UPI One World Wallet will be issued on the international mobile number.
4. Recharge the wallet using:
   1. Exchanging foreign currency at the counter.
   2. Using international debit or credit cards.
5. Use the UPI One World wallet at merchant outlets.
6. Redeem any unused amount in the wallet at the issuer counters before departure.

NOTE: The UPI One World wallet is issued to an international mobile number, and the issuer counter will not take any extra charge for the issuance of the wallet. There aren’t any extra charges related to the service and the amount paid will directly reflect in the app of the issuer.