Sarvatra Technologies collaborates with ICICI bank, IDFC First Bank and Pine Labs to extend UPI for G20 travellers

Sarvatra Technologies Ltd., a payments technology provider, has announced its collaboration with ICICI Bank, IDFC First Bank and Pine Labs Private Limited, to facilitate foreign visitors from G20 countries to make local payments using Unified Payments Interface (UPI) while they are in India.

With this, it has become the first payments provider in India to enable three out of the four entities selected by Reserve Bank of India (RBI) to launch the UPI payments facility to foreign travellers, the company said.

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 will enable foreign visitors from G20 countries to make payments at over five crore merchant outlets across India, that accept QR Code-based UPI payments, the firm said in a statement.

Upon completion of full KYC, UPI linked wallets will be issued to the travellers coming to India. The customer would need to download the app of these entities. After downloading the app, they can sign in to use the INR denominated UPI linked wallets to pay at merchant and retail outlets via scanning of UPI QR codes. On departure, the balance can be encashed at the airport counters.

“This collaboration has further strengthened Sarvatra’s leadership in the UPI ecosystem. UPI has already emerged as the country's leading mode of payment. Now, it is an opportune time to showcase the payments prowess of India to an international audience at a global event. The key decision makers from across the world can experience the UPI product by using it in-person. Further to our integration with ICICI Bank, IDFC First Bank, Pine labs, we are looking to further revolutionize the payments ecosystem,” Mandar Agashe, founder and MD, Sarvatra Technologies Ltd. said.

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 finished the integration of services with the three entities in two weeks.

Sarvatra Technologies provides UPI platform to more than 200 banks in India.

Also Read: GST collection for February at Rs 1.49 lakh crore; 12% higher than February 2022

Watch | Railway Minister flags off 'Garvi Gujarat Yatra' train: Check ticket price, key sites, other details