UPI Access for prepaid instruments: Now you can transfer funds from prepaid wallets using third party apps
Reserve Bank of India (RBI) in its monetary policy committee (MPC) meeting said that now individuals can make payments from prepaid payment instruments like digital wallets using UPI that too through any third party app. RBI Governor Shaktikanta Das has said wallet holders no longer have to depend upon the PPI wallet issuer in order to make UPI payments, rather individuals can use any third party app in order to transact using unified payment interface (UPI).
RBI Governor Shaktikanta Das said, «At present, UPI payments from bank accounts can be made by linking a bank account through the UPI App of the bank or using any third-party UPI application.
However, the same facility is not available for PPIs. PPIs can currently be used to make UPI transactions only by using the application provided by the PPI issuer.
To provide more flexibility to PPI holders, it is now proposed to permit linking of PPIs through third-party UPI applications. This will enable the PPI holders to make UPI payments like bank account holders.
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