Economy News

RBI allowed Unified Payments Interface (UPI) access for Prepaid Payment Instruments (PPIs) through third-party applications. 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. The central bank noted today that as announced in the Statement on Development and Regulatory Policies dated April 05, 2024, it has been decided to enable UPI payments from / to full-KYC PPIs through third-party UPI applications. This will enable PPI holders to make / receive UPI payments through the mobile application of third-party UPI applications. This circular is issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act.

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