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
Summary:
The Reserve Bank of India (RBI) has issued circular CO.DPSS.POLC.No.S97/02.14.006/2024-25, dated December 27, 2024, to all Prepaid Payment Instrument (PPI) Issuers (Banks and Non-banks), National Payments Corporation of India (NPCI), and System Participants, regarding Unified Payments Interface (UPI) access for PPIs through third-party applications.
This circular enables UPI payments from and to full-KYC PPIs through third-party UPI applications. Previously, UPI payments to a PPI could only be carried out using the PPI issuer's mobile application. This change allows PPI holders to make and receive UPI payments using third-party UPI applications. The relevant provisions have been amended in Master Directions CO.DPSS.POLC.No.S4790/02.14.006/2021-22 dated August 27, 2021, on Prepaid Payment Instruments (MDPPIs).
The revised instructions in the MDPPIs state that a PPI issuer must enable holders of only its full-KYC PPIs to make UPI payments by linking customer PPIs to its UPI handle as a Payment Service Provider (PSP). UPI transactions from PPIs using third-party UPI applications will be authenticated using UPI credentials. PPI issuers may also facilitate the discovery of their full-KYC PPIs on third-party UPI mobile applications, which, in turn, shall enable such PPIs to be linked to their PSP handles.
This circular is issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
For further information, contact 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.