Linking of PPIs through UPI applications will facilitate seamless peer-to-peer and peer-to-merchant transactions, by enhancing accessibility and flexibility to use funds in the PPI like Ongo wallet or cards: Chairman & MD, AGS Transact Technologies
FinTech BizNews Service
Mumbai, April 11, 2024: RBI Governor recently made an announcement to permit payments from prepaid payment instruments like digital wallets using UPI and UPI for cash deposit machines.
Mr. Ravi B. Goyal, Chairman & MD, AGS Transact Technologies Limited, shares interesting insights on the regulatory development: “At AGS Transact Technologies, we are committed to fostering financial inclusion through customised cash & digital payment solutions aimed at providing convenience to the end-customers. The recent announcement by the Reserve Bank of India (RBI) to facilitate cash deposits via Unified Payments Interface (UPI) underscores the pivotal role of innovation and digital transformation in reshaping the financial landscape. We believe that this strategic move will serve as a catalyst in fostering the widespread adoption of Cash Recycler Machines (CRMs) in the country. By enabling customers to perform both cash withdrawal and deposit transactions using UPI on the same platform, it empowers them with enhanced accessibility and efficiency.
Further, the RBI’s decision to permit linking of Prepaid Payment Instruments (PPIs) through third-party Unified Payments Interface (UPI) applications will facilitate seamless peer-to-peer and peer-to-merchant transactions, by enhancing accessibility and flexibility to use funds in the PPI like Ongo wallet or cards. UPI has been the driving force behind the exponential growth of digital payments in the country; and these developments promise a more convenient, efficient, and inclusive financial landscape.”
