RBI allows UPI access for prepaid payment instruments via third-party applications
Reserve Bank of India (RBI) on Friday allowed UPI access for prepaid payment instruments (PPI) via third-party applications.
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Currently, UPI payments from/to a bank account can be done using the UPI application of that bank or of any third-party application provider. However, UPI payments from/to a PPI can only be carried out using the mobile application provided by the PPI issuer.
As per the statement on Development and Regulatory Policies dated April 05, 2024, it has been decided to enable UPI payments from/to full-KYC PPIs through third-party UPI applications, the RBI said in a release.
This will enable PPI holders to make/receive UPI payments through the mobile application of third-party UPI applications.
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