Change in UPI Rule: RBI allows UPI access for prepaid payment instruments via third-party apps
RBI has enhanced the functionality of Prepaid Payment Instruments (PPIs) by allowing UPI payments through any third-party UPI-enabled app. Only full-KYC PPIs are eligible for this feature, ensuring added security through pre-authorization.
PPI interoperability: How RBI’s new UPI rule set to ease digital payments? An explainer
With the RBI’s latest move, users of prepaid payment instruments (PPIs) will now be allowed to use third party apps as well instead of only the UPI functionality given by the PPI provider.
RBI Greenlights UPI Payments via Prepaid Wallets
The Reserve Bank of India has authorized the use of prepaid payment instruments (PPIs) for UPI transactions on third-party apps. This move provides PPI users like gift card or digital wallet holders more flexibility by allowing transactions to be authenticated with existing PPI credentials.
UPI Rule Change: Pay Anywhere Using Any App As RBI Enables THIS Feature
The RBI has allowed fully KYC-compliant Prepaid Payment Instruments (PPIs) to conduct UPI transactions via third-party apps, enabling interoperability from customers. PPI issuers must link their customers’ UPI handles to wallets,
Prepaid users can now make UPI payment via third-party apps
The decision is aimed at providing more flexibility to holders of PPIs such as gift cards, metro rail cards and digital wallets, among others.
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