UPI circular - All Full KYC Wallets & PPIs support UPI payment by 31th March, 2022

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abhishek012

UPI Release a circular – All Full KYC Wallets & PPIs support UPI payment by 31th March, 2022:

Subject: Adherence to RBI PPI Interoperability guidelines by 31st March. 2022

As the RBI Master Directions on Prepaid Payment Instruments (PPIs) – RBI/DPSS/2021-22/82 (Updated as on 12th November, 2021) Issuance and of Prepaid Payment Instruments, it shall mandatory to give holders of full KYC compliant PPIs interoperability through UPI for the PPIs (in the form of wallets) by 31st March 2022. This is pursuant to PPI guidelines issued on October 11, 2017 on Issuance and Operation of Prepaid Payment Instruments (PPI-MD).

Interoperability guidelines for PPI Issuers through UPI

PPI issuer shall facilitate all basic / standard features of UPI

PPI issuer shall act as Payment System Providers (PSP) in UPI. NPCI shall issue handle to the PPI issuer as / guidelines taking risk management aspects into consideration.

PPI holders shall be for UPI by their own PPI only. PPI issuer shall only link its customer wallets to the handle issued to it.

Authentication shall be completed by the PPI holder as existing wallet credentials.

For the of settlement, a non-bank PPI issuer shall participate through a sponsor bank. Non-bank PPI issuer shall adhere to the of sponsor bank arrangement in UPI and also meet all relevant requirements of NPCI.

Directives

PPI issuers are requested to go live for PPI on UPI and ensure compliance to the RBI PPI Interoperability guidelines by 31st March, 2022.

Source - https://www.npci.org.in/PDF/npci/upi/circular/2...

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Deal Cadet Deal Cadet
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Its great. Will wallet upi be free or they will charge some % ?

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Snapz wrote:

Its great. Will wallet upi be free or they will charge some % ?

Free for customers.

Deal Newbie Deal Newbie
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Prepaid payment instrument mens all wallet have UPI access woow
We can transfer one wallet to another wallet grinning

Deal Cadet Deal Cadet
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Does this mean we will be able to send / receive money from wallets like Amazon Pay wallet etc? And if so, will wallet to bank transfers be supported too? Seems too good to be true.. 

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Vishwa308 wrote:

Does this mean we will be able to send / receive money from wallets like Amazon Pay wallet etc? And if so, will wallet to bank transfers be supported too? Seems too good to be true.. 

Yes but only for full kyc wallet users.

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