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What is UPI One World?
UPI One World is a cross-border payment system by NPCI, enabling real-time, secure international transactions using the UPI platform. This innovative service allows users to make secure, real-time payments to foreign entities in their local currency using the widely popular Unified Payments Interface (UPI) platform.
UPI One World stands out from traditional international payment methods by eliminating banking complexities and forex conversions, making cross-border transactions accessible and affordable for individuals, businesses, schools, and e-commerce platforms.
One of the key features that set UPI One World apart is its ability to enable instant, 24×7 transactions, ensuring fast and efficient money transfers across borders. Users can send and receive payments in their local currency, reducing costs and eliminating the need for cumbersome forex conversions.
Steps to Use UPI One World Service
Getting started with UPI One World is a simple process. Here’s a step-by-step guide on how to use this service:
1. Install a Supported UPI App:
Ensure that your mobile device has a UPI-enabled app, such as BHIM, Google Pay, PhonePe, or your bank’s official app.
2. Sign Up for UPI One World:
Look for the UPI One World or International Payments option within your UPI app and complete the sign-up process by providing the necessary details.
3. Confirm Your Identity:
As per regulatory requirements, you may need to provide additional KYC (Know Your Customer) information to confirm your identity for international transactions.
4. Set Up Transaction Limits:
Based on your preferences and the limits set by your bank, you can configure the maximum transaction amount and frequency for UPI One World payments.
5. Link to an Overseas Account (If Needed):
If you’re planning to receive funds from abroad, you may need to link your overseas bank account to your UPI One World profile.
6. Start Making Transactions:
Once your account is set up, you can initiate international transactions directly from your UPI app by entering the recipient’s details and the amount to be transferred.
Advantages of Using UPI One World
1. Smooth UPI Payment Process:
With its deep integration with the UPI Payment Gateway, UPI One World offers a familiar and user-friendly interface for making international transactions.
2. Affordable Payment Option:
By eliminating intermediary banks and currency conversions, UPI One World enables cost-effective cross-border payments with lower fees compared to traditional methods.
3. Support for Multiple Currencies:
UPI One World supports transactions in various currencies, making it convenient for users to send and receive money across different countries.
4. Improved Security Features:
The service employs robust security measures, such as two-factor authentication and encryption, to protect users’ funds and personal information.
5. Broad Acceptance Across Locations:
As UPI continues to gain global acceptance, UPI One World enables users to make payments to recipients in a growing number of countries.
6. Instant Processing of Payments:
With real-time transaction processing, UPI One World ensures that funds are credited to the recipient’s account within minutes, enhancing the speed and efficiency of international payments.
Where UPI One World Can Be Used?
UPI One World can be used for a variety of international payment needs, including:
1. Remittances:
Send money to family and friends abroad easily and affordably.
2. E-commerce:
International e-commerce businesses can accept payments from Indian customers using UPI One World.
3. Education:
Pay tuition fees and other expenses for students studying abroad directly from your Indian bank account.
4. Travel:
Make payments to participating merchants in foreign countries using UPI One World, eliminating the need to carry multiple currencies.
Who are the providers of UPI One World?
UPI One World is provided by the NPCI in collaboration with various international payment networks and financial institutions. Some of the key partners include:
- Lyra Network (France)
- Royal Monetary Authority of Bhutan
- PayNow (Singapore)
- NETS (Singapore)
UPI One World is designed for travellers from G20 nations, including Australia, Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, and the European Union.
Real-Life Use Cases for UPI One World
1. Reena, an Indian student studying in the United Kingdom, uses UPI One World to pay her tuition fees directly from her Indian bank account, saving on international wire transfer charges.
2. Rajesh, an Indian expatriate working in Singapore, sends money to his family back home using UPI One World. The instant transfer and competitive exchange rates help him support his loved ones efficiently.
3. XYZ Exports, an Indian e-commerce company, accepts payments from international customers using UPI One World, expanding their market reach and improving customer satisfaction.
UPI One World vs Traditional Cross-Border Payment Systems
Factor |
UPI One World |
Traditional Cross-Border Payments |
|---|---|---|
|
Speed |
Instant, 24×7 transactions |
Can take several days |
|
Fees |
Competitive, lower fees |
Higher fees and charges |
|
Convenience |
Seamless integration with UPI apps |
Requires separate banking channels |
|
Forex Conversion |
Not required local currency transactions |
Often necessary, adding complexity |
Conclusion
UPI One World revolutionises international payments by providing secure, efficient, and cost-effective solutions for individuals and businesses. Through global partnerships, NPCI fosters a connected and inclusive financial ecosystem. This initiative paves the way for seamless, borderless digital transactions worldwide.
Frequently Asked Questions (FAQs):
1. How does UPI One World work?
UPI One World works by integrating with the existing UPI infrastructure, allowing users to make international payments using their preferred UPI app. Users can send money to overseas recipients in their local currency, and the funds are transferred instantly without the need for complex forex conversions.
2. Are there any fees associated with UPI One World?
While UPI One World aims to offer competitive pricing, some fees may be associated with international transactions. However, these fees are generally lower than traditional cross-border payment methods, as UPI One World eliminates the need for intermediary banks and currency conversions.
3. Is a local Indian mobile number required to use UPI One World?
Yes, a local Indian mobile number is required to register for and use UPI One World. This is because the service is built on the UPI platform, which relies on mobile numbers for user identification and authentication.
4. Can I link UPI One World to my foreign bank account?
Currently, UPI One World does not support the direct linking of foreign bank accounts. However, you can link your Indian bank account to the service and use it to send money to overseas recipients. The recipient can then withdraw the funds in their local currency from their respective bank account.
