Coming Soon; PPI on UPI (Wallet UPI) linked to 3rd party UPI apps, Deposit cash through UPI

Finance Ninja

Coming Soon; PPI on UPI (Wallet UPI) linked to 3rd party UPI apps, Deposit cash through UPI:

RBI MPC meet: The Reserve Bank of India (RBI) has proposed the deposit of cash in cash deposit machines through UPI, as well as the making of UPI payments through Prepaid Payment Instruments (PPI) wallets, as per RBI Governor Shaktikanta Das’ announcements on Friday.

“Deposit of cash through cash deposit machines, i.e. CDMs, is primarily done through the use of debit cards. Given the experience gained from cardless cash withdrawal using UPI at the ATMs, it is now proposed to absorb – it is now proposed to facilitate deposit of cash – in CDMs i.e cash deposit machines using UPI,” said Governor Das.

The governor stated that this measure will further enhance customer convenience and make the currency handling process at banks more efficient.

He also announced the use of third party UPI apps for payments through PPI wallets. “At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer. It is now proposed to permit the use of third-party UPI apps for making UPI payments from PPI wallets,” he said, adding that this measure would further enhance customer convenience and boost adoption of digital payments for small value transactions.

Adhil Shetty, CEO, said that the move to allow linking of PPIs through third-party UPI apps will enhance flexibility for PPI holders. “This move will empower PPI holders to conduct UPI payments similar to bank account holders, marking a significant advancement in digital payment accessibility,” said Shetty.

“With this development, individuals utilising prepaid payment instruments such as digital wallets can seamlessly use UPI services via any third-party app. This strategic shift eliminates the prior reliance of wallet holders solely on the PPI issuer for UPI transactions. Instead, individuals gain the freedom to leverage a diverse range of third-party apps for UPI-enabled transactions, streamlining payment processes and enhancing financial inclusivity in India's digital ecosystem,” he said.

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summarize in short what is happening

Deal Subedar Deal Subedar
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It's Simple Bro, If You Have Livquik Wallet/Slice Wallet, If You Have Wallet Money, While Transferring Money You Use Wallet Upi Right, Now That Wallet Upi Will Be Linked To Phonepe, Gpay Etc..

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Cash withdrawal through upi on atm still not working

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