RBI enables third-party UPI apps for digital payments from PPIs and plans to allow cash deposits via UPI.
The Reserve Bank of India (RBI) has decided to enable third-party UPI apps for digital payments from prepaid payment instrument (PPI) wallets, increasing interoperability and customer convenience. This move is expected to boost adoption of digital payments for small value transactions. The RBI also plans to allow cash deposits in banks through the Unified Payments Interface (UPI) mechanism, enhancing customer convenience and reducing cash-handling load on bank branches.
April 05, 2024
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