{"id":86399,"date":"2019-12-25T16:44:02","date_gmt":"2019-12-25T11:14:02","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=12537"},"modified":"2019-12-25T16:44:02","modified_gmt":"2019-12-25T11:14:02","slug":"rbi-launches-prepaid-payment-instrument-for-your-daily-digital-payments","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rbi-launches-prepaid-payment-instrument-for-your-daily-digital-payments\/","title":{"rendered":"RBI launches Prepaid Payment Instrument for your daily digital payments"},"content":{"rendered":"\n<p><strong>News:<\/strong>The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) for daily digital payments.<br><\/p>\n\n\n\n<p><strong>Facts:<\/strong><br><\/p>\n\n\n\n<p><strong>Features of PPI introduced by RBI:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The prepaid payment instrument(PPI) could be used only for purchase of goods and services up to a limit of \u20b910,000 per month.<\/li><li>PPIs shall be issued by bank and non-bank PPI issuers after obtaining minimum details of the holder.<\/li><li>The amount loaded in such PPIs during any month shall not exceed \u20b910,000 and the total amount loaded during the financial year shall not exceed \u20b91,20,000.<\/li><li>The PPI issuers shall provide an option to close the instrument at any time and also allow to transfer the funds &#8216;back to source&#8217; at the time of closure.<\/li><\/ul>\n\n\n\n<p><strong>About Prepaid Payment instrument(PPI):&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Prepaid Payment instrument(PPI) are financial instruments that facilitate the purchase of goods and services against the value stored on such instruments.<\/li><li>These are generally issued in the form of smart cards,mobile wallets, paper vouchers,internet accounts\/wallets.<\/li><li>These payment instruments are licensed and regulated by the Reserve Bank of India.<\/li><\/ul>\n\n\n\n<p><strong>Types of PPIs:<\/strong><br><\/p>\n\n\n\n<p><strong>Closed system PPI:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Closed system PPI can be used only at specific locations, and cannot be used to transfer funds from one account to another.<\/li><li>The most common example of a closed system PPI is a brand-specific gift card.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Semi-closed PPI:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Semi closed PPIs are not restricted to a single entity.Instead,these can be used for purchase of any kind of goods and services from a merchant, as well as to transfer money to someone.<\/li><li>The examples of semi-closed PPI are e-wallets like Oxigen and Mobikwik.<\/li><\/ul>\n\n\n\n<p><strong>Open system PPI:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The open system PPIs can be issued only by banks and can be used at any merchant outlet for any purchase or cash withdrawal.<\/li><li>A travel card is a type of open system PPI.It can be used for all types of spending and for cash withdrawal from ATMs.<\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>News:The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) for daily digital payments. Facts: Features of PPI introduced by RBI: The prepaid payment instrument(PPI) could be used only for purchase of goods and services up to a limit of \u20b910,000 per month. PPIs shall be issued by bank and non-bank PPI&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rbi-launches-prepaid-payment-instrument-for-your-daily-digital-payments\/\">Continue reading <span class=\"screen-reader-text\">RBI launches Prepaid Payment Instrument for your daily digital payments<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3421,394],"class_list":["post-86399","post","type-post","status-publish","format-standard","hentry","category-economy","tag-ppi","tag-rbi","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704867019},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=86399"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86399\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}