Mumbai: The RBI has decided to permit the use of third-party UPI apps for making UPI payments from PPI wallets to further enhance customer convenience and boost adoption of digital payments for small value transactions, RBI Governor Shaktikanta Das said on Friday.
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, the use of third-party UPI apps will give users more flexibility and make it easier for them to make payments. This will accelerate the growth of digital payments in the economy.
The RBI Governor also said that it has been decided to all the distribution of Central Bank Digital Currency (CBDC) through non-bank payment system operators to make CBDC-Retail accessible to a broader segment of users.
The CBDC pilots are currently in operation with the increasing number of use cases and participating banks. The new measure will enable non-bank payment system operators to offer CBDC wallets. This will also facilitate testing of the resiliency of the CBDC platform to handle multi-channel transactions, Das added.
(IANS)