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The Reserve Bank of India (RBI) has introduced a new rule under which users of full-KYC prepaid payment instruments (PPIs) such as digital wallets, gift cards, and metro rail cards can now make and receive UPI payments. This facility will now be available through third-party apps like Google Pay and PhonePe. This step is part of RBI's Payments Vision 2025, which promotes digital payments adoption and seamless interoperability.
What is the new rule?
Now PPI issuers can link their customers' full-KYC PPIs to UPI handles.
How will it work?
Payments will be authenticated through the customer's existing PPI credentials. Transactions will move to the UPI system after being pre-approved.
What are the benefits?
Users will no longer be dependent on issuer-specific apps and will be able to use their favourite UPI apps like PhonePe and Google Pay.
What are the benefits?
1. Improved User Experience
Online shopping, bill payments, and fund transfers will now become easier.
Users will be able to use their PPI wallets with any UPI-enabled app, providing flexibility.
2. Solve Compatibility Problems
Earlier there were compatibility issues between PPIs and mainstream payment platforms.
This rule now makes PPIs fully compatible, making them even more difficult for daily transactions.
3. Boosting Digital Payments
This step of RBI will further accelerate digital payment adoption.
Increasing the accessibility of UPI will give users an incentive to adopt digital payments everywhere.
What was there before and what will happen now?
Earlier:
UPI payments were limited to only bank accounts or issuer-specific apps, which restricted user convenience.
Now:
This update is a big step towards creating a unified and inclusive digital financial ecosystem.
Summary of the News
Key Points and Details
Why in News
RBI has allowed full-KYC PPI holders to make and receive UPI payments through third-party apps like Google Pay and PhonePe.
Authentication Method
Transactions will be authenticated through customers' existing PPI credentials.
Purpose of PPIs
PPIs are used to purchase goods and services, make financial transactions, and provide remittance facilities.
Examples of PPIs
Digital wallets, gift cards, and metro rail cards are examples of PPIs.
Third-Party Apps Allowed
Popular apps like Google Pay and PhonePe have now been integrated with PPI transactions.
Developed By
Unified Payments Interface (UPI) is developed by National Payments Corporation of India (NPCI).
Previous Limitation
Earlier, UPI payments were limited to specific platforms of PPI issuers only.
Current Regulation
Only full-KYC PPIs are eligible for UPI integration.
Aligned Vision
This step is part of RBI's Payments Vision 2025, which is to enhance payment interoperability and promote digital adoption
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