RBI new Payment Rules: Now you can easily send or receive money from one place, whether you use the wallet app or any other UPI app. This will save your time and make payments even easier.
RBI new Payment Rules: The Reserve Bank of India (RBI) on Friday issued new rules regarding UPI transactions and wallet payments, which will make it much easier for you to make payments through wallet. According to the new rules, now it has become even easier to use your prepaid wallet (like Paytm, PhonePe) and UPI.
What has changed in the new rule
According to the new rules of RBI, now wallet can be used for UPI payment. However, for this your wallet’s KYC must be complete. If you link your wallet to UPI, then you can make UPI payment from the wallet app itself.
How will it work?
RBI said that when you make UPI payment from the wallet, your payment will first be approved and then it will have access to the UPI system. However, you will not be able to add another bank or wallet to it. RBI said that these wallet companies will provide this facility only to their customers. They will not be able to add customers of any other bank or wallet to it.
If you use other UPI apps like Google Pay, PhonePe, you can link your KYC-verified wallet there too. To make payments using wallet on these apps, you will have to make payment using UPI details.
What is the benefit for you?
Now you can easily send or receive money from one place, whether you use the wallet app or any other UPI app. This will save your time and make payments even easier.
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