Current context: EbixCash World Money Limited, which is a subsidiary of Ebix Inc based in the US, has become the first company in India to introduce Unified Payments Interface (UPI) transactions for foreign nationals who visit India.
- This initiative follows the Reserve Bank of India's (RBI) decision in February 2023 to allow all inbound travellers to India to use UPI for their merchant payments (P2M) during their stay in India.
- Initially, it was planned to be extended to travellers from G-20 countries arriving at selected international airports.
- Moreover, the National Payments Corporation of India (NPCI) had approved UPI transactions for non-resident bank accounts such as Non-Resident External (NRE) and Non-Resident Ordinary (NRO) linked to international mobile numbers, which includes NRIs from 10 countries.
- EbixCash is a prominent player in India's airport and seaport Money Exchange business with retail kiosks in 20 international airports and 12 seaports.
- Their pilot launch of UPI for exchanging currencies across airports in India would enable passengers to convert their foreign currency into digital Indian currency, with a UPI interface to pay for goods and services across the country.
Question:
Q.1 What company became the first in India to launch Unified Payments Interface (UPI) transactions for foreign nationals visiting India?
a. NPCI
b. Paytm
c. EbixCash World Money Limited
d. PhonePe
a. NPCI
b. Paytm
c. EbixCash World Money Limited
d. PhonePe
