Revised Guidelines
RBI allows UPI payments from/to pre-paid instruments via 3rd party apps
This story was originally published at 15:20 IST on 27 December 2024
Register to read our real-time news.Informist, Friday, Dec. 27, 2024
MUMBAI – The Reserve Bank of India has allowed Unified Payments Interface (UPI) payments from or to pre-paid instruments via third party applications, the central bank said in a notification on Friday.
As per the revised guidelines, UPI transactions from pre-payment instruments on the issuer's application will be authenticated using the customer's existing pre-paid instrument credentials, the notification said. Such a transaction will, thus, be pre-approved before it reaches the UPI system. However, the issuers will not onboard customers of any bank or any other pre-payment instrument issuer.
The RBI had announced in April Monetary Policy that pre-paid instruments will be permitted to link through third-party UPI applications. Earlier, pre-paid instruments could be used to make UPI transactions only by using the application provided by the pre-paid instrument issuer.
Pre-paid instruments include payment wallets, smart cards, magnetic chips, vouchers, and mobile wallets. End
Reported by Kshipra Petkar
Edited by Saji George Titus
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
