💨 Abstract

The Reserve Bank of India has allowed Prepaid Payment Instruments (PPIs) to make UPI payments through third-party UPI applications, offering more flexibility to PPI holders. This move aims to transform financial access in India, with the Unified Payments Interface (UPI) enabling seamless digital transactions for millions of individuals and merchants since its launch in 2016. The Indian government seeks to extend the benefits of UPI to other countries as well.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖