RBI Guidelines Money From Any Prepaid Payment Instruments Wallet Gift Cars Can Transfer Using Any UPI Apps

Reserve Bank of India (RBI) Governor Shaktikanta Das said in his Monetary Policy Committee (MPC) statement on Friday that people can now use prepaid payment instruments like digital wallets to make payments through UPI through third-party apps. Can. He says that any UPI app can be used for payment. Let us tell you that currently there are many such apps in the country including Google Pay, PhonePe, Paytm, Cred, which allow users to do UPI.

RBI Governor Shaktikanta Das said wallet holders are no longer limited to using the issuer’s app for UPI transactions. They can now use any third-party UPI app for seamless transactions. In his statement he said, “Currently, UPI payments from prepaid payment instruments (PPIs) can be made only using the web or mobile app provided by the PPI issuer.” There is a proposal to allow the use of third party UPI apps. Shaktikanta says that this will increase the convenience of customers and promote digital payments for small value transactions.

TOI quoted ET told Vivek Iyer, partner, Grant Thornton Bharat, says that enabling UPI access for PPIs is a significant advancement towards increasing interoperability within the payments landscape. He said that RBI’s vision is to promote competition among different products.

Apart from this, let us tell you that PhonePe has started its Unified Payment Interface (UPI) services in the United Arab Emirates (UAE) from March 28 for Indian travelers as well as NRIs living in the country. The service will now allow PhonePe users to make faster digital transactions at retail stores, restaurants and other tourist places by scanning the QR code. The service is being enabled by UAE’s leading bank Mashreq through its Neopay terminals. Notably, a recent report claimed that WhatsApp is testing international UPI payments through its mobile app for Indian users.