Mint Explainer: How UPI access will make digital wallet users' life easier
So far, UPI payments from and to a PPI could only be made through the PPI issuer's app. A PPI issuer may “facilitate the discovery of its full-KYC PPIs on third-party UPI mobile applications, which, in turn, shall enable such PPIs to be linked to their PSP handle/s", the central bank notified, adding that such transactions from PPIs, using third-party UPI apps, will be authenticated using UPI credentials. By integrating PPIs with UPI, the RBI has addressed this issue, making it easier for users to link their digital wallets to UPI-enabled applications," said Ankush Julka, chief operating officer, MufinPay. Users can now choose from more platforms and use their PPIs to make UPI payments, whether for paying bills, shopping online, or transferring funds, allowing for wider adoption of digital payments. This development will allow PPI users—including those relying on gift cards, digital wallets, or transit cards—to participate in the digital payment ecosystem with greater ease," said Dilip Modi, founder and chief executive, Spice Money.
Discover Related
UPI Transactions Down In India, NPCI Says THIS
Mobile payments near ₹200 lakh crore in H2 2024 as UPI transactions surge
RBI permits NPCI to enhance transaction limits in UPI for P2M payments
UPI transaction volumes surge 42 pc, hit 93 billion in July-Dec 2024
Income tax, GST, UPI, banking: 5 financial rules changing from April 1
Were you unable to make UPI payments yesterday? Here's why
Unstable UPI gave tough time to people, shopkeepers
UPI system faces temporary outage for about an hour, stabilised by NPCI
With UPI payments hit, social users narrate struggles: ‘Ice cream kha li, ab…’
UPI outage across India: Full list of apps where payment ops have been hit
UPI down for several users across India, payment disruptions on all apps
New UPI rule regarding mobile numbers to become effective from April 1: Full details
Pensioners may soon be able to make EPFO claims via UPI: Labour secretary
UPI outage hits several users across India, NPCI says issue resolved
Union Cabinet approves incentive scheme for promotion of low-value UPI transactions among small merchants
Spends on credit cards in smaller towns has surged: Visa’s Ramakrishnan Gopalan
Government to continue footing the bill for UPI payments under Rs 2,000
EPF withdrawal via UPI and ATMs coming soon. All you need to know