The Reserve Bank of India (RBI), on 27 December, allowed full-KYC prepaid payment instrument (PPI) holders to make UPI (Unified Payment Interface) transactions via third-party apps.
So far, UPI payments from and to a PPI could only be made through the PPI issuer's app. On the other hand, payments to and from a bank account could be carried out using the bank's UPI app or any third-party app—a facility that is now being extended to PPI issuers.
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 (payment service provider) handle/s", the central bank notified, adding that such transactions from PPIs, using third-party UPI apps, will be authenticated using UPI credentials.
Mint explains:
What are PPIs?
This story is from the January 03, 2025 edition of Mint Bangalore.
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This story is from the January 03, 2025 edition of Mint Bangalore.
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