Unified Payments Interface (UPI) access for Prepaid Payment Instruments (PPIs) - 27th December 2024 - Reserve Bank of India - Gazette Notification PDF
Issued by Reserve Bank of India
Read or download the official PDF of this gazette notification issued by the Reserve Bank of India on 27th December 2024.
Executive Summary & Key Takeaways
Policy Summary: Enabling UPI Access for PPIs through Third-Party Applications
Date: December 27, 2024
Issuing Authority: Reserve Bank of India (RBI)
Subject: Extension of Unified Payments Interface (UPI) access to Prepaid Payment Instruments (PPIs) through third-party applications.
Purpose: To broaden the usability of full-Know Your Customer (KYC) compliant PPIs by enabling UPI payments from and to these PPIs via third-party UPI applications.
Background: Previously, UPI payments involving PPIs were restricted to the mobile application provided by the PPI issuer. This policy change addresses this limitation.
Key Provisions:
- Allows holders of full-KYC PPIs to make and receive UPI payments through third-party UPI applications.
- PPI issuers must enable holders of their full-KYC PPIs to make UPI payments by linking customer PPIs to the UPI handle issued to the PPI issuer (acting as a Payment Service Provider - PSP).
- UPI transactions originating from PPIs via third-party applications must be authenticated using UPI credentials.
- PPI issuers may facilitate discovery of their full-KYC PPIs on third-party UPI mobile applications, who, in turn shall enable such PPIs to be linked to their PSP handles.
Legal Basis: This circular is issued under Section 18 read with Section 102 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007). Amendments have been made to Master Directions CO.DPSS.POLC.No.S4790/02.14.006/2021-22 dated August 27, 2021, on Prepaid Payment Instruments (MDPPIs).
Affected Parties: All Prepaid Payment Instrument Issuers (Banks and Non-banks), National Payments Corporation of India (NPCI), and System Participants.
Contact Information: Gunveer Singh Chief General Manager-in-Charge Department of Payment and Settlement Systems, Central Office 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Fort, Mumbai – 400 001 Phone: 91-22-2264 4995 Fax: 91-22-2265 9566, 2269 1557 Email: cgmdpsscorbi.org.in Website: www.rbi.org.in