The Reserve Bank of India (RBI) on December 27, 2024, issued a notification regarding Unified Payments Interface (UPI) access for Prepaid Payment Instruments (PPIs) through third-party applications.
The following has been stated: -
•The Reserve Bank of India has decided to enable UPI payments from/to full-KYC Prepaid Payment Instruments (PPIs) via third-party UPI applications. Previously, PPIs could only make/receive UPI payments through their issuer’s mobile app.
•This change was announced in the Statement on Development and Regulatory Policies dated April 05, 2024, and amendments have been made to the relevant Master Directions. The circular is issued under the Payment and Settlement Systems Act, 2007.
The detailed notification is given in the document below.
[Notification No.RBI/2024-25/97 CO.DPSS.POLC.No.S972/02-14-006/2024-25]
