RBI’s Big Decision: Allowing Third Party UPI Access for PPI! Major Changes in Payment System
The Reserve Bank of India (RBI) on Friday allowed third-party UPI access for prepaid payment instruments (PPIs). Now PPI holders will be able to make and receive payments through third party UPI apps.
The Reserve Bank Issued a Press Release
The Reserve Bank has issued a press release in this regard. It is said that this decision has been taken on April 5, 2024 as per the regulatory policy of RBI. It was said that UPI access will be allowed for Prepaid Payment Instruments (PPIs) through third party applications.
Current System
As of now UPI payment can be made only from bank account or through respective bank/third party UPI application. Payment from PPI was possible only through application of PPI provider.
What are Prepaid Payment Instruments?
A Prepaid Payment Instruments (PPI) is a financial instrument that allows users to add funds to a card or digital wallet for future transactions. PPI can be used to buy goods and services, manage financial services and deposit money. The PPI issuer will enable its full-KYC PPI holders to make UPI payments by simply linking the customer’s PPI to their UPI handle.
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