The RBI’s recent decision to allow the transfer of money from prepaid wallets to bank accounts via UPI marks a significant leap towards enhancing interoperability and customer convenience in digital payments. Learn how this move is set to revolutionize small value transactions and promote competition among payment products.
Hey there, digital payment enthusiasts! Exciting news in the world of online transactions – now you can use your digital wallets to make payments via UPI through third-party apps. Gone are the days when you were limited to using the issuer’s app for UPI transactions. Now, you have the freedom to choose any third-party UPI app for seamless transactions.
This new development is not just about convenience; it’s a game-changer that will make digital payments more accessible for small value transactions. Vivek Iyer, a partner at Grant Thornton Bharat, rightly pointed out that enabling UPI access for prepaid payment instruments (PPI) is a significant step towards enhancing interoperability in the payment landscape.
The RBI’s initiative to expand UPI’s reach and promote competition among different products is a strategic move to drive innovation in the digital payment space. And that’s not all – now you can even deposit cash using UPI at cash deposit machines, making currency handling at banks more efficient and convenient.
Adhil Shetty, the CEO of Bankbazaar.com, highlighted that linking PPIs through third-party UPI apps will give PPI holders more flexibility and empower them to make UPI payments just like bank account holders. This shift in strategy eliminates the reliance on PPI issuers for UPI transactions, opening up a world of possibilities with a variety of third-party apps and enhancing financial inclusivity in India’s digital ecosystem.
So, get ready to explore the new possibilities and enjoy the convenience of making UPI payments through your favorite third-party apps. Innovation is knocking on your digital door – are you ready to embrace it?
Read also :2024 Kamada Ekadashi Date in April: Auspicious Timing for Parana and Remedies for Life’s Challenges