Mint Explainer: How UPI access will make digital wallet users' life easier
Live MintSo 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.