Juspay Technologies on Thursday announced the launch of its OpenPPI offering that aims to help Prepaid Instruments (PPI) like digital wallets implement and comply with RBI’s PPI interoperability regulation.
“With the launch of Juspay’s OpenPPI, existing and prospective PPI players can comply with the new regulation using an end-to-end secure cloud solution. The OpenPPI solution will enable interoperability through UPI for PPIs,” it said in a statement.
According to Reserve Bank of India norms, all prepaid cards and wallets that are full-KYC-compliant, have to be fully interoperable by March 31, 2022, it further noted.
“Interoperability essentially means that your wallet can now act as your bank account enabling you to transfer money from wallets or cards seamlessly. It opens up multiple possibilities for wallet usage - a person can now scan any UPI QR code and pay with their Wallet balance instead of using their bank account through UPI,” said Sheetal Lalwani, Co-Founder and COO of Juspay.
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