Mumbai (Maharashtra) (India), December 27 (ANI): The Reserve Bank of India has authorized UPI to enable payments from KYC Prepaid Payment Instruments (PPI) through third-party UPI applications.

This will enable PPI holders to make or receive UPI payments through the mobile application of third-party UPI apps.

Previously, UPI payments to or from a bank account could be made using that bank’s UPI app or any third-party app provider. However, UPI payments to or from a PPI can only be made using the mobile application provided by the PPI issuer.

To provide more flexibility to PPI holders, RBI had proposed allowing linking of PPIs through third-party UPI apps. This new provision enabled PPI holders to make UPI payments like bank account holders.

Unified Payment Interface is India’s leading digital payment platform. Digital payments in India are reaching new heights as citizens increasingly embrace emerging modes of doing business over the internet.

Notably, the Indian government has ensured that the benefits of UPI are not limited to India alone; other countries also benefit from it.

Since its launch in 2016, the Unified Payments Interface (UPI) has transformed financial access in India, enabling millions of individuals and merchants to conduct seamless digital transactions. (ANI)

This report is automatically generated from the ANI news service. ThePrint assumes no responsibility for its content.