Why in news Reserve Bank of India (RBI) has announced that UPI payments can now be made from/to full-KYC Prepaid Payment Instruments (PP...
Why in news
Reserve Bank of India (RBI) has announced that UPI payments can now be made from/to full-KYC Prepaid Payment Instruments (PPIs) via third-party UPI apps.
Previously, UPI payments from/to PPIs could only be done through the PPI issuer’s own app, but this change allows for greater flexibility by enabling third-party UPI applications.
The new system will authenticate transactions using the PPI holder’s existing credentials, ensuring that transactions are pre-approved before reaching the UPI system.
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