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RBI’s new rule allows UPI transactions to PPI holders using third-party apps
Currently, UPI payments from/to a PPI can only be carried out using the mobile application provided by the PPI issuer.
Updated : Dec 27, 2024, 06:08 PM IST
 "RBI’s new rule allows UPI transactions to PPI holders using third-party apps")
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RBI has allowed prepaid payment instrument (PPI) holders to make and receive UPI payments through third-party mobile applications. It has been decided to enable Unified Payments Interface (UPI) payments from/to full-KYC prepaid payment instruments (PPIs) through third-party UPI applications, the central bank said in a circular.
Now, if someone has a wallet like Paytm Wallet or PhonePe Wallet that has completed full KYC, one can link it to a third-party UPI app like GPay, and use it to send/receive money via UPI. "A PPI issuer shall enable holders of only its full-KYC PPIs to make UPI payments by linking its customer PPIs to its UPI handle. UPI transactions from PPI on the issuer's application shall be authenticated using the customer's existing PPI credentials," it said. Such a transaction will, thus, be pre-approved before it reaches the UPI system.
A PPI issuer, in its capacity as a payment system providers, should not on-board customers of any bank or any other PPI issuer, the RBI said. The RBI's decision is aimed at providing more flexibility to holders of PPIs such as gift cards, metro rail cards, and digital wallets, among others.
Currently, UPI payments from/to a bank account can be carried out 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.
UPI vs PPI
UPI is an instant real-time payment system developed by the National Payments Corporation of India to facilitate inter-bank transactions through mobile phones. PPIs are instruments that facilitate the purchase of goods and services, conduct of financial services, and enable remittance facilities against the value stored therein.
(Except for the headline, this story has not been edited by DNA staff and is published from PTI)
