The Reserve Bank of India has now allowed users to pay from their digital wallets using any UPI-enabled app, as long as the wallet has also completed full KYC verification. “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.UPI transactions from PPI on the issuer’s …
Numerous technological innovations, revolutionary progress in Fintech and the ever-growing use of Prepaid Payment Instruments has led to regular amendments in the Master Directions on issuance and Operation of Prepaid Payment Instruments. To sum up, the major change from the Previous Master Directions is that non-bank PPIs were not allowed to issue Full KYC PPIs, however under the New Master …
To encourage non-bank financial institutions such as mobile wallets and payments banks, Reserve Bank of India announced a host of changes in its monetary policy on Wednesday. From extending the National Electronic Funds Transfer and Real-Time Gross Settlement facilities to non-bank payment system operators to hiking the maximum end of day balance for payment banks, here are the key announcements …
The Reserve Bank on Thursday proposed to introduce a prepaid payment instrument that could be used only for transactions of goods and services worth up to Rs 10,000. PPIs have been playing an important role in promoting digital payments and bringing in the new PPI will further facilitate its usage, as per an RBI statement issued post announcement of the …
