RBI MPC gathering: The Reserve Bank of India (RBI) has suggested that UPI be utilized for both making UPI payments using Prepaid Payment Instruments (PPI) wallets and depositing cash in cash deposit machines, in accordance with statements made by RBI Governor Shaktikanta Das on Friday.
"Debit cards are the main method used to deposit cash into cash deposit machines, or CDMs. Governor Das stated that "it is now proposed to absorb - it is now proposed to facilitate deposit of cash - in CDMs, i.e. cash deposit machines using UPI, given the experience gained from cardless cash withdrawal using UPI at the ATMs."
According to the governor, this action will improve consumer convenience even further and streamline banks' money handling procedures.
Additionally, he disclosed that PPI wallet payments may be made using third-party UPI applications. Currently, the only ways to make UPI payments from Prepaid Payment Instruments (PPIs) are through the PPI issuer's mobile app or website.
The use of third-party UPI applications to make UPI payments using PPI wallets is now being suggested, he said, adding that this would increase user convenience and encourage the uptake of digital payments for low-value transactions.
