3 months, 2 weeks ago

RBI permits UPI transactions via prepaid payment instruments using third-party apps

Mumbai: The Reserve Bank on Friday allowed prepaid payment instrument holders to make and receive UPI payments through third-party mobile applications. It has been decided to enable Unified Payments Interface payments from/to full-KYC prepaid payment instruments through third-party UPI applications, the central bank said in a circular. "A PPI issuer shall enable holders of only its full-KYC PPIs to make UPI payments by linking its customer PPIs to its UPI handle. However, UPI payments from/to a PPI can only be carried out using the mobile application provided by the PPI issuer.

Deccan Chronicle

Discover Related