New Delhi:
In a significant move announced during the Monetary Policy Committee (MPC) statement, RBI Governor Shaktikanta Das unveiled new guidelines.
RBI now permits the transfer of funds from prepaid payment instruments (PPIs) such as digital wallets and gift cards through third-party UPI apps.
This development aims to enhance customer convenience and promote digital transactions for small value transactions.
Expanding UPI Accessibility:
Governor Das emphasized that wallet holders are no longer restricted to using the issuer’s app for UPI transactions.
With the latest directive, users can seamlessly utilize any third-party UPI app for conducting transactions.
This initiative is poised to boost interoperability within the payments landscape and foster healthy competition among different products,
as highlighted by Vivek Iyer, partner at Grant Thornton Bharat.
PhonePe Extends UPI Services to UAE:
In another noteworthy development, PhonePe has launched its Unified Payment Interface (UPI) services in the United Arab Emirates (UAE),
catering to Indian travelers and NRIs residing in the country.
This expansion enables PhonePe users to facilitate swift digital transactions at retail outlets, restaurants, and tourist destinations by scanning QR codes,
leveraging UAE’s leading bank, Mashreq, through its Neopay terminals.
WhatsApp’s International UPI Payments Testing:
Furthermore, reports indicate that WhatsApp is currently testing international UPI payments via its mobile app,
specifically targeting Indian users.
This endeavor underscores the continuous evolution of digital payment ecosystems,
promising greater convenience and accessibility for users across borders.
