UPI Rule Change: Reserve Bank of India has proposed to make payment to prepaid payment devices with third party UPI applications. What does this mean for thousands of UPI customers? Here we are telling you.
UPI Rule Change: If you use Paytm, PhonePe and Amazon Pay then you also use wallet. Often people in these wallets complain that they are not able to use their money deposited in the wallet to make payments on any other company’s platform or scanner.
To overcome this problem, the Reserve Bank of India (RBI) has proposed to integrate prepaid payment devices with third party UPI applications. What does this mean for thousands of UPI customers? Here we are telling you.
You will be able to make payment on any app
To provide more flexibility to Prepaid Payment Instrument (PPI) holders, there is now a proposal to allow linking of PPI through third party UPI apps. With this, PPI holders will be able to make UPI payments like a bank account. With the implementation of this rule, customers will be able to use any UPI app from their wallet even if the wallet and UPI app are from different companies. RBI says that till now, the wallet could be used to make UPI payments only using the application provided by the same PPI issuer.
This problem still occurs
Like if you are using PhonePe wallet, then you have to use the wallet money to make payment through PhonePe. You cannot use your Wallet money to make payments through any other third-party UPI application.
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