RBI allows UPI access for prepaid payment instruments via third party applications
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The Reserve Bank of India (RBI) has announced that it will allow Unified Payments Interface (UPI) access for prepaid payment instruments (PPIs) through third-party applications. This means that users with PPIs, such as prepaid cards or wallets, can now make UPI payments through third-party apps, just like bank account holders.
Previously, PPI users could only make UPI payments through the mobile application provided by the PPI issuer. This new move aims to provide more flexibility to PPI holders and promote digital payments in India.
To be eligible, PPIs must be full-KYC (Know Your Customer) compliant, ensuring that users have completed the necessary verification process. This change is expected to enhance the overall digital payment experience in India, making it more convenient and accessible for users.
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That will be Visa Card's decision, RBI or NPCI can't decide on linking Visa credit cards with UPI.
You Forgot? Manmohan Singh's 1991 economic reforms? We can no longer force foreign companies to do anything.
Good Suggestion. I think @abhishek012 should post these updates in Finance Section
great news, VU+ for awareness of this nice info
now i wonder how we can loot payzapp wallet upi using gpay or phonepe xDDD
wondering when this "ppi wallet upi" can be see in gpay, phone pe ... etc
any tentative time line anyone know?
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Deposit funds need to
remain in their account till as per the communication received by the customer.
The daily balance from 16th Jan to 31st Jan’25 should be at least equal to the sum of balance as on 23rd dec’24 and deposit amount as per the communication
shared by the bank
i wish they let us link our visa cc to upi too