RBI Permits Full-KYC PPIs Like PhonePe or GPay to Transfer/Receive Funds in Wallet Through Any Third-Party UPI Apps
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- Last Updated on 29 December, 2024
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Circular No. RBI/2024-2025/97 CO.DPSS.POLC.No.S972/02-14-006/2024-25, Dated: 27.12.2024
The Reserve Bank of India has enabled full KYC Prepaid Payment Instruments (PPIs) like Phonepe or Gpay to transfer/receive funds in wallet through any third-party UPI applications. Currently, UPI payments from/to a bank account can be made using the bank’s UPI app or any third-party app. However, UPI payments from/to a PPI can only be made through the mobile app provided by the PPI issuer.
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