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UPI paving the way for seamless digital payment experience
September 21, 2023
India’s emerging fintech landscape has been a game-changer for the way people transact in the country. With the increased use of digital payments, the country has graciously welcomed the wave of UPI (Unified Payments Interface), becoming a global leader in instant payments. Recent facts state – that India alone accounted for 40 per cent of the total digital transactions globally in 2021, paving the way for a cashless economy.
Having said that, India being culturally diversified is recognised for its rich heritage that attracts millions of tourists every year and serves as a catalyst for the booming economy. However, the burgeoning tourism sector comes along with increasing hassles of making payments for foreign nationals arriving as tourists in the country. Owing to the universality of the groundbreaking payment system – UPI, foreign nationals are striving toward a cashless and more inclusive payment system.
The tourism industry in India is experiencing an upsurge, with Foreign Tourist Arrivals (FTAs) reaching 6.19 million in 2022, a substantial increase from the 1.52 million recorded during the corresponding period in 2021. However, several routine challenges inhibit foreign tourists from making digital payments in the country with ease.
One of the biggest hassles that affect them is making payments in local currency and cash dependency. Until February 2023, UPI was not available to foreign tourists arriving in India and their cash dependency and currency exchange hampered their travel experience, as they had to be more cautious in exchanging money to avoid unfavourable rates and fees.
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- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
