{"id":31190,"date":"2026-06-22T09:20:00","date_gmt":"2026-06-22T03:50:00","guid":{"rendered":"https:\/\/blogrevamp.cashfree.com\/?p=31190"},"modified":"2026-06-22T11:24:39","modified_gmt":"2026-06-22T05:54:39","slug":"digital-payment-system","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/","title":{"rendered":"Digital Payment System: What is it &amp; How does it work?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #005c31;color:#005c31\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #005c31;color:#005c31\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#What_is_a_Digital_Payment_System_in_India\" >What is a Digital Payment System in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#How_Do_Digital_Payments_Work\" >How Do Digital Payments Work?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#Common_Forms_of_Digital_Payments_Accepted\" >Common Forms of Digital Payments Accepted\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#Types_of_Digital_Payment_System_in_India\" >Types of Digital Payment System in India\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#Top_5_Benefits_of_Digital_Payments\" >Top 5 Benefits of Digital Payments\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#How_Digital_Payments_Are_Changing_the_Economy\" >How Digital Payments Are Changing the Economy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#How_Cashfree_Simplifies_Digital_Payment_for_Businesses\" >How Cashfree Simplifies Digital Payment for Businesses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#FAQs_on_Digital_Payment_System\" >FAQs on Digital Payment System\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#What_Are_Prepaid_Payment_Instruments_PPIs\" >What Are Prepaid Payment Instruments (PPIs)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#Types_of_Prepaid_Payment_Instruments_PPIs\" >Types of Prepaid Payment Instruments (PPIs)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#Semi-closed_PPIs_can_be_used_at_a_group_of_merchants_that_have_a_specific_agreement_with_the_PPI_issuer_These_are_the_most_common_wallet-type_PPIs_in_India_It_is_a_type_of_payment_option_that_does_not_allow_users_to_withdraw_cash_unless_in_specific_RBI-approved_cases_The_e-wallets_are_usually_semi-closed_PPIs_and_they_can_be_used_for_online_and_offline_merchant_payments_Subject_to_KYC_norms_the_prescribed_loading_limits_are_optimised\" >Semi-closed PPIs can be used at a group of merchants that have a specific agreement with the PPI issuer. These are the most common wallet-type PPIs in India. It is a type of payment option that does not allow users to withdraw cash, unless in specific RBI-approved cases. The e-wallets are usually semi-closed PPIs, and they can be used for online and offline merchant payments. Subject to KYC norms, the prescribed loading limits are optimised.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#Types_of_Semi-Closed_PPIs\" >Types of Semi-Closed PPIs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#PPI_Limit_in_India\" >PPI Limit in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#What_Is_PPI_Interoperability\" >What Is PPI Interoperability?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#RBI_Regulations_On_Prepaid_Payment_Instruments_PPI_Interoperability\" >RBI Regulations On Prepaid Payment Instruments (PPI) Interoperability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#What_Are_The_Perks_Of_PPI_Interoperability\" >What Are The Perks Of PPI Interoperability?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#Challenges_PPI_Players_Need_to_Watch_Out_For\" >Challenges PPI Players Need to Watch Out For<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#Boost_To_Digital_Payments_And_Greater_Financial_Inclusion\" >Boost To Digital Payments And Greater Financial Inclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/#Interoperability_is_the_Road_To_The_Future\" >Interoperability\u00a0is the Road To The Future<\/a><\/li><\/ul><\/nav><\/div>\n\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"31190\" class=\"elementor elementor-31190\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7fb87333 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7fb87333\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-65e1eaf9\" data-id=\"65e1eaf9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-472af994 elementor-widget elementor-widget-text-editor\" data-id=\"472af994\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>\n<p>Digital payment systems have transformed the way people shop, save, transfer, and manage money in everyday life. From small street vendors to large businesses, digital payments have made transactions faster, easier, and more accessible. Many people who previously had limited access to banking can now use mobile payment apps and digital wallets to process payments from and to anywhere. In countries like India, UPI-based apps have helped small businesses and rural users to participate in the digital economy and grow their business.<\/p>\n<p>Digital payment systems such as UPI, mobile wallets, contactless payments, and real-time bank transfers have witnessed remarkable growth in countries like India, transforming the way people transact every day. What once started as a convenient alternative to cash has now evolved into a critical part of the global financial ecosystem.<\/p>\n<p>Today, digital payments are more than just a mode of transaction, they are a driving force behind financial inclusion, business growth, faster commerce, and a seamless customer experience across the world. With this article, let us understand how a digital payment system has impacted us and become an absolute necessity in our lives.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_Digital_Payment_System_in_India\"><\/span><strong>What is a Digital Payment System in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Digital payment is simply a cashless payment where you do not have to rely on physical money but rather approach various secure digital channels like mobile wallets, UPI payments, mobile banking and debit\/credit card payments. Instead of handing over cash, you use technology to send money from your bank account, card, or digital wallet to someone else. The switch to a digital payment system is no longer a luxury or a trend but, in fact, a foundation of how every business and individual operates daily.\u00a0<\/p>\n<p>A digital payment system is a method of paying for goods and services electronically, without using physical cash or paper-based instruments like checks. It allows money to be transferred instantly (or near-instantly) through computers, smartphones, or other digital devices. With digital payment, instead of handing over cash, you use technology to send money from your bank account, card, or digital wallet to someone else.<\/p>\n<\/div>\n<div><strong style=\"color: #111111; font-family: Roboto, Arial, sans-serif; font-size: 1.6315em;\">How Digital Payments Became a Necessity\u00a0<\/strong><\/div>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>The transition from cash to digital or cashless transactions took time. It entered the picture when traditional payment methods started to present genuine, daily difficulties for both customers and merchants.\u00a0\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>1. Real-Time Transactions\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>The traditional methods, like writing a cheque, were time-consuming, and making big payments using cash raised safety concerns, leading to the adaptation of digital payments. Digital payments transformed this experience by making transactions instant and effortless, whether it\u2019s paying college fees, buying books or tickets online, or ordering food with just a few simple taps.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>2. Growing E-commerce\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Online businesses started to grow, and there was no easy way to handle cash. Digital payments started to become the backbone of the online business industry, thereby enabling people to securely buy from anywhere, anytime.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>3. Tracking Everyday Finances\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>We are all aware that there is no foolproof way to keep tabs on daily expenses when using actual cash. On the other hand, digital payments make it simpler to maintain financial organisation by automatically recording our transactions.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Customers may easily track their spending in real time with a digital payment system, while retailers can freely assess revenues, taxes, and expenses.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>4. Safer Alternatives to Physical Cash\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>It has always been dangerous to carry large amounts of money. Digital payments decreased the risk of loss, theft, and counterfeit money.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>5. Inclusion for All\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Digital payments opened doors for people without access to traditional banking. Digital payments are no longer just a convenience for people living in modern cities but have become an essential part of life for people in rural areas as well. What once required visiting banks or handling cash can now be done easily through secure digital methods, allowing both urban and rural communities to manage their everyday transactions with ease.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>All you need is a smartphone, internet and an understanding of the basic digital payment functioning of the app you are using. With this, you can easily send and receive money without stepping into a bank branch.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Do_Digital_Payments_Work\"><\/span><strong>How Do Digital Payments Work?\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Behind every \u201cPayment Successful Tick\u201d message, there are highly systematised minds working together to make every tick as smooth and fast as possible.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":31430,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure><img fetchpriority=\"high\" decoding=\"async\" data-recalc-dims=\"1\" height=\"641\" width=\"770\" src=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2025\/12\/How-Digital-Payment-work.png?resize=770%2C641&#038;ssl=1\" alt=\"\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:paragraph --><\/p>\n<p>Let us understand the concept with a simplified breakdown of how money gets transferred without any glitches.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>Step 1: Initiation of Payment<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>You enter your card details, tap your phone, and scan a QR code at the merchant server to get ready for making the payment.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>Step 2: Payment Gateway\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>A payment server safely stores your payment information and protects it by encrypting the details.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>Step 3: Payment Processor\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>The payment processor using the secured information shares the transaction details with the relevant bank for authorisation.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>Step 4: Send for Bank Authorisation\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Your bank checks whether you have sufficient balance in your bank account and verifies the transaction to avoid the risk of fraud.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>Step 5: Approval or Decline\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Within seconds, based on the response from your bank, the payment is either approved or declined.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>Step 6: Settlement\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>If the initiated transaction is approved, the money is later settled into the merchant\u2019s account within a few hours.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The entire digital payment is completed in the blink of an eye, thereby providing the comfort of quick payments from anywhere, anytime, using any device.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Common_Forms_of_Digital_Payments_Accepted\"><\/span><strong>Common Forms of Digital Payments Accepted\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Digital payments are transactions made from anywhere, anytime, using either a desktop, mobile or tablet. Transferring the money without the direct use of physical cash, meaning money moves electronically from one account to another using digital devices and internet-enabled systems.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":31432,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure><img decoding=\"async\" data-recalc-dims=\"1\" height=\"641\" width=\"770\" src=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2025\/12\/Common-Form-of-Digital-Payment.png?resize=770%2C641&#038;ssl=1\" alt=\"\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:paragraph --><\/p>\n<p>The best thing that came with digital payments is the ability to make payments in more than one format. Below are some of the common forms of digital payment that you can choose when making a transaction at the merchant\u2019s website.\u00a0<\/p>\n<ol>\n<li>Debit &amp; Credit Cards \u2013 Fast and secure card-based payments<!-- \/wp:list-item --><!-- wp:list-item --><\/li>\n<li>Mobile wallets \u2013 Quick pay using apps with a stored balance<!-- \/wp:list-item --><!-- wp:list-item --><\/li>\n<li>UPI &amp; Real-Time Bank Transfers \u2013 Instant money transfer between banks<!-- \/wp:list-item --><!-- wp:list-item --><\/li>\n<li>Internet Banking \u2013 Online payments directly through bank portals<!-- \/wp:list-item --><!-- wp:list-item --><\/li>\n<li>QR Code Payments \u2013 Scan &amp; Pay instantly using your phone<!-- \/wp:list-item --><!-- \/wp:list --><!-- wp:paragraph --><\/li>\n<\/ol>\n<p>No matter the form of payment, the core idea is simple: moving money digitally through a secure payment processor instead of exchanging cash physically.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_Digital_Payment_System_in_India\"><\/span>Types of Digital Payment System in India\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>India has rapidly evolved into one of the world\u2019s largest digital payment ecosystems. With the rise of smartphones, affordable internet access, and government-backed initiatives promoting a cashless economy, digital payments have become a part of everyday life. From paying utility bills and shopping online to purchasing vegetables from local vendors, customers today have multiple digital payment options to choose from.<\/p>\n<p>Below are the major types of digital payments used in India:<\/p>\n<h3>1. Unified Payments Interface (UPI)<\/h3>\n<p><a href=\"https:\/\/www.cashfree.com\/blog\/upi-full-form-meaning-how-it-works\/\">Unified Payments Interface (UPI)<\/a> is one of the most popular and widely used digital payment systems in India. Developed by the National Payments Corporation of India (NPCI), UPI enables users to transfer money instantly between bank accounts using mobile applications.<\/p>\n<p>Users can make payments by entering a UPI ID, mobile number, or simply scanning a QR code. The biggest advantage of UPI is its speed, convenience, and 24\/7 availability. Applications such as Google Pay, PhonePe, Paytm, and BHIM have significantly contributed to the widespread adoption of UPI across urban and rural India.<\/p>\n<p>UPI is commonly used for:<\/p>\n<ul>\n<li>Peer-to-peer money transfers<\/li>\n<li>Merchant payments<\/li>\n<li>Online shopping<\/li>\n<li>Utility bill payments<\/li>\n<li>Subscription payments<\/li>\n<\/ul>\n<h3>2. Mobile Wallets<\/h3>\n<p>Mobile wallets, also known as digital wallets or e-wallets, allow users to store money digitally and make transactions through smartphones. Users can add money to their wallets using debit cards, credit cards, or net banking and use the balance to make payments.<\/p>\n<p>Mobile wallets gained popularity due to their ease of use and cashback offers. They are widely accepted for online purchases, food delivery, mobile recharges, movie tickets, and local store payments.<\/p>\n<p>There are different types of wallets in India:<\/p>\n<ul>\n<li>Closed wallets<\/li>\n<li>Semi-closed wallets<\/li>\n<li>Open wallets<\/li>\n<li>Popular mobile wallet providers include Paytm, Mobikwik, and Amazon Pay.<\/li>\n<\/ul>\n<h3>3. Internet Banking<\/h3>\n<p>Internet banking, also known as online banking, enables customers to perform financial transactions through a bank\u2019s website or mobile app. It allows users to transfer funds, check account balances, pay bills, request banking services, and manage accounts digitally without visiting a branch.<\/p>\n<p>Internet banking is commonly used for high-value transactions and business payments because it offers secure authentication and detailed transaction records.<\/p>\n<p>Major fund transfer systems under internet banking include:<\/p>\n<ul>\n<li>NEFT (National Electronic Funds Transfer)<\/li>\n<li>RTGS (Real Time Gross Settlement)<\/li>\n<li>IMPS (Immediate Payment Service)<\/li>\n<\/ul>\n<h3>4. Debit and Credit Cards<\/h3>\n<p>Debit and credit cards remain one of the most commonly used forms of digital payment in India. These cards can be used both online and offline for transactions.<\/p>\n<p>Debit cards deduct money directly from the user\u2019s bank account, while credit cards allow users to borrow funds up to a pre-approved credit limit. Today, most cards support contactless payments using tap-and-pay technology, making transactions faster and more convenient.<\/p>\n<p>Card payments are commonly used for:<\/p>\n<ul>\n<li>Shopping at retail stores<\/li>\n<li>Online purchases<\/li>\n<li>Hotel and travel bookings<\/li>\n<li>International payments<\/li>\n<\/ul>\n<h3>5. QR Code Payments<\/h3>\n<p><a href=\"https:\/\/www.cashfree.com\/upi-qr-code\/\">QR code payments<\/a> have revolutionized small merchant transactions in India. Customers simply scan a QR code using a UPI-enabled app and complete the payment instantly.<\/p>\n<p>QR-based payments are highly popular among local shops, restaurants, street vendors, and service providers because they eliminate the need for expensive card machines and simplify the payment process.<\/p>\n<p>Static and dynamic QR codes are the two major types used by businesses today.<\/p>\n<h3>6. Aadhaar Enabled Payment System (AePS)<\/h3>\n<p>The <a href=\"https:\/\/www.cashfree.com\/blog\/what-is-aeps\/\">Aadhaar Enabled Payment System (AePS)<\/a> allows customers to carry out banking transactions using their Aadhaar number and biometric authentication. This system is especially beneficial in rural and semi-urban areas where traditional banking infrastructure may be limited.<\/p>\n<p>AePS helps users perform services such as:<\/p>\n<ul>\n<li>Cash withdrawals<\/li>\n<li>Balance inquiries<\/li>\n<li>Mini statements<\/li>\n<li>Fund transfers<\/li>\n<\/ul>\n<p>This payment system has played a major role in promoting financial inclusion in India.<\/p>\n<h3>7. USSD-Based Mobile Banking<\/h3>\n<p>USSD (Unstructured Supplementary Service Data) banking allows users to access banking services without internet connectivity. By dialing *99# from their mobile phones, users can transfer money, check balances, and access basic banking services.<\/p>\n<p>This method is particularly useful for feature phone users and individuals living in areas with limited internet access.<\/p>\n<h3>8. Contactless Payments<\/h3>\n<p><a href=\"https:\/\/www.cashfree.com\/blog\/contactless-payment-meaning-how-it-works-and-types\/\">Contactless payments<\/a> use Near Field Communication (NFC) technology that allows users to make payments by simply tapping their cards or smartphones on a payment terminal.<\/p>\n<p>These payments are fast, secure, and convenient for small-value transactions. Contactless payment methods became increasingly popular due to the demand for touch-free payment experiences.<\/p>\n<h3>9. Buy Now, Pay Later (BNPL)<\/h3>\n<p><a href=\"https:\/\/www.cashfree.com\/buy-now-pay-later\/\">Buy Now, Pay Later services<\/a> are emerging as a modern digital payment option in India. These services allow consumers to purchase products immediately and pay later in installments or within a fixed repayment period.<\/p>\n<p>BNPL is commonly used in e-commerce, travel bookings, and lifestyle purchases. It appeals especially to younger consumers seeking flexible payment options.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Top_5_Benefits_of_Digital_Payments\"><\/span><strong>Top 5 Benefits of Digital Payments\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Since the introduction, digital payments have completely changed how we manage our accounts, do business, pay for items, and access internet services. Our economy began to move towards a more seamless and cashless ecosystem as a result of this accessibility.\u00a0\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Digital payments offer advantages that go far beyond convenience. So, listed below are the benefits of going digital with your business.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>1. Speed &amp; Convenience<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>In this ever-growing world, digital payments are processed within seconds, not just from city to city but across countries. It allows transactions to be completed instantly, anytime and anywhere. Whether you\u2019re paying your monthly bills, booking train, bus or flight tickets, or transferring money to a distant relative, the entire process happens within seconds, eliminating delays tied to cash or cheques or long queues in banks.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>2. Enhanced Security &amp; Transparency\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Encryption, tokenisation, two-factor authentication, and biometric security protect every transaction made by the users against any fraudulent activities. With a secure payment gateway, every transaction is recorded, which reduces the chances of malpractices and transactional disputes.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>3. Discounts &amp; Offers\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Getting cashbacks and offers is always motivating, and with digital payments, there are usually offers on every payment you make. When businesses offer faster checkouts, one-click payments, and smoother user journeys, it enhances the customer experience by 10x.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>4. Lower Operational Costs\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>For businesses, handling less physical cash reduces expenses associated with storage, transportation, and security. Additionally, digital payments allow users and merchants to trade without having to spend extra for travel. For example, buying a saree no longer requires you to physically visit multiple locations. You may simply browse a range of options online, choose your preferred brand, and finish the payment from the comfort of your home.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>5. Reaching Global Markets\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Digital payments have given wings to businesses to scale faster by providing them with the benefit of operating beyond geographical boundaries. This step has not only helped merchants but also customers to easily purchase internationally. With a secure digital payment system, traditional hurdles associated with trading across borders have been eliminated. Businesses of any size can sell their products across the world and receive their digital payments seamlessly.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Digital_Payments_Are_Changing_the_Economy\"><\/span><strong>How Digital Payments Are Changing the Economy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Digital payments are not just changing how we pay; they\u2019re changing how economies grow.\u00a0 Below are some of the key ways digital payments are actively shaping modern economic growth.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Boosting Small Businesses &amp; Local Vendors\u00a0<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>Local retailers now have unimaginable freedom thanks to the ability to collect payments with simply a QR code. Additionally, it eliminates the need for actual cash or long-distance travel by enabling people to send money to their relatives back home with just a few clicks.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Without making significant infrastructure investments, digital payments have enabled small firms and providers to expand their consumer base and foster confidence. You can now launch your company from home. So, dream big and start today.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Driving People towards Financial Freedom\u00a0<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>Since the day digital payments began making our lives simpler, millions of people have been entering the formal financial system every day for the first time through digital wallets and mobile banking. When the money movement became digital, it brought simpler, faster, and far more empowering days for everyday users.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Promoting Innovation and Expanding the Economy<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>New banking methods, investment tools, and fintech businesses have all benefited from the digital payments environment. This rapid growth has only been possible with payment gateway partners acting as a backbone to merchants and customers. By enabling secure and seamless transactions, payment gateway partners support businesses in further expanding their operations, thereby contributing to a stronger and growing economy.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Creating Jobs and New Industries\u00a0<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>Digital payments have given birth to various new industries, which are not just fintech but also industries that trust digital payment methods. This has given a boost to new vacancies and job profiles across industries. Digital payments are not just cashless payments, but invisible too. Every day, payment gateway companies are working around the clock to provide experiences that are friction-free.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>A way of payment that started as a convenience and has now become a necessity. For instance, when you buy vegetables and have less cash, the vendor immediately directs you to pay by scanning the QR code. Digital payments truly save time, reduce risk, improve transparency, and open financial opportunities for millions of people.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Hence, from cards to QR codes, from mobile wallets to instant transfers, digital payments are now a core driver of economic growth. And as technology evolves, payment gateway partners will continue to provide transactions that are faster, safer, and more inclusive.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Cashfree_Simplifies_Digital_Payment_for_Businesses\"><\/span><strong>How Cashfree Simplifies Digital Payment for Businesses<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Cashfree supports every business by taking care of everything digital, from setting up their daily transaction lookup to simplifying their technical complexity. Cashfree has enabled every business to accelerate its growth. Cashfree provides businesses with the right tools to process transactions quickly and securely, converting every interaction into a successful conversion.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Multiple-Payment Options<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>This option simplifies a business&#8217;s concern of accepting payment from any mode of transfer. With a secure Cashfree server, a business can accept payment through UPI, debit or credit cards, e-wallets, and net banking, ensuring a customer has the freedom to pay using their preferred method.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Real-time Insights\u00a0<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>With Cashfree, you get a real-time dashboard view and analysis of your payments. It becomes easy for merchants to access their finances through automated updates of dashboards that offer real-time tracing of transactions, settlements, and reports.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Robust Security &amp; Regulatory Compliance\u00a0<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>Cashfree has been designed to protect sensitive customer and merchant transactions. It uses advanced encryption, continuous monitoring, and multiple authentication and verification steps to prevent any fraud and data breaches.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Seamless Payments<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>Cashfree ensures that even during high traffic and high volume transaction days, merchants\u2019 payments are received smoothly and effortlessly. Businesses make sure to put their confidence in a payment infrastructure like Cashfree Payments, which they can trust when it comes to secure payment processes.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Digital_Payment_System\"><\/span><strong>FAQs on Digital Payment System\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>Are Digital Payments Safe?\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Yes, digital payments made through verified and secure payment gateways are safe. Platforms like Cashfree Payments use advanced encryption, multi-layer authentication, and real-time fraud detection in order to ensure that the money you send is securely received and your personal information remains protected throughout every transaction.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>Which digital payment method is best?\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>The finest digital payment methods vary depending on consumer convenience and desire. Because they provide quick payments, simple QR scanning, and seamless app-based transactions, mobile wallets and UPI are frequently the most popular among younger users. Due to their familiarity and structure, other users could favour card payments or online bank transfers.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>What should I do in case my digital payment fails to process?\u00a0<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Be assured, if any money, just in case, gets deducted from your account and is not received by the merchant, it gets immediately refunded within a few minutes or hours. You can always confirm the reversal from your dedicated bank.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>What is the role of the government in making Digital India a success?<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>The Indian government is working tirelessly to promote cashless transactions across the country. Initiatives like Bhim UPI and Direct Transfer have made digital payments accessible, secure, and inclusive. The government has also encouraged the adoption of a secure mode of digital payment to ensure all payments of the users are safe.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>What is the most common mode of digital payment in India?<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>The most commonly used modes of digital payment in India are UPI and scan &amp; pay. They have become the preferred choice due to their speed, ease of access, and interoperability. It enables users to transfer money instantly, and the receiver can instantly review the received payment without the use of a bank.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3><strong>How does encryption protect digital payments?<\/strong><\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Multiple encryption layers protect digital payments by converting sensitive information, like your card details, ATM PINs and bank details, into unreadable code during transmission. This ensures that no data can be accessed or misused by unauthorised parties.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4545d79 elementor-widget elementor-widget-text-editor\" data-id=\"4545d79\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In this blog, we will understand the concept of Prepaid Payment Instruments (PPIs) and PPI interoperability. We will also try to understand what it could mean to Indian businesses and masses.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>After demonetisation, the prepaid payments instruments (PPI) industry saw some massive growth.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>However, there were too many players in the market. Moreover, funds could only be transferred between two wallets of the same issuer. (For instance, Paytm users can only send money to another Paytm wallet, not a Mobikwik wallet)<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>This was until PPI interoperability came into the picture, of course.<\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>But before we dive into that, let&#8217;s look at the basics.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Prepaid_Payment_Instruments_PPIs\"><\/span>What Are Prepaid Payment Instruments (PPIs)?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>As the name suggests, Prepaid Payment Instruments or PPIs are cards or <strong><mark style=\"background-color: rgba(0, 0, 0, 0);\"><a href=\"https:\/\/www.cashfree.com\/blog\/benefits-of-white-label-digital-wallets-for-d2c-brands\/\">digital wallets <\/a><\/mark><\/strong>that allow users to:\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<ul>\n<li>Purchase goods and services<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Enable remittance facilities<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Conduct financial transactions\u00a0\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Transfer funds to family and friends<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>They\u2019re also called <strong>PPI digital wallets or PPI e-wallets<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>These instruments are typically preloaded with funds in order to enable a user to make payment.\u00a0Paytm, <strong><mark style=\"background-color: rgba(0, 0, 0, 0);\"><a href=\"https:\/\/www.cashfree.com\/blog\/phonepe-transaction-limit-per-day\/\">PhonePe<\/a><\/mark><\/strong>, Mobikwik, etc. are some popular examples.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The companies offering these wallets as offerings are called <strong><strong>Prepaid Payment Instruments<\/strong><\/strong> (<strong>PPIs) Issuers.<\/strong> They permit users to add funds to their app wallets and use them for various transactional purposes.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Over the last couple of years, Prepaid Payment Instruments have become quite popular in the Indian market as they\u2019re a convenient alternative to cash transactions.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":9293,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure><img decoding=\"async\" data-recalc-dims=\"1\" height=\"892\" width=\"770\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/05\/Prepaid-Payment-Instruments-884x1024.png?resize=770%2C892&#038;ssl=1\" alt=\"Prepaid Payment Instruments (PPIs) - A Convenient Alternative To Cash\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:heading --><\/p>\n<h2 style=\"line-height: 1.38; margin-top: 12pt; margin-bottom: 12pt;\"><span class=\"ez-toc-section\" id=\"Types_of_Prepaid_Payment_Instruments_PPIs\"><\/span><span style=\"font-size: 12pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Types of Prepaid Payment Instruments (PPIs)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 12pt; margin-bottom: 12pt;\"><span style=\"font-weight: normal;\"><span style=\"font-size: 12pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Prepaid Payment Instruments (PPIs)<\/span><span style=\"font-size: 12pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> a<\/span><\/span><span style=\"font-weight: 400; font-size: 12pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">re instruments that allow users to load funds in advance in e-wallets and use them for digital payments, purchases, remittances, or withdrawals (depending on the type). In India, PPIs are regulated by the Reserve Bank of India under the PPI Master Directions.<\/span><\/p>\n<p>\u00a0<\/p>\n<p style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 4pt;\"><span style=\"font-size: 12pt; font-family: Arial,sans-serif; color: #434343; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">1. Closed PPIs<\/span><\/p>\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 4pt;\" role=\"presentation\"><span style=\"background-color: transparent; color: #000000; font-family: Arial, sans-serif; font-size: 12pt; font-weight: 400; white-space-collapse: preserve;\">Closed PPIs are simply gift cards issued by a company, and they can only be used to purchase goods and services from the same entity that issued them. They cannot be used outside that specific ecosystem, i.e., the issuing company. It is usable only on the issue\u2019s platform; you cannot withdraw the cash or transfer it from the e-wallet to another bank account. In this, no third-party merchant can use the card, as it is generally issued as a voucher or store credit, allowing buyers to use it easily and quickly. Closed PPIs are not considered formal PPIs under the guidelines of the Reserve Bank of India, as they do not involve third-party payments. Examples include: &#8211; Amazon Pay balance, which can only be used on Amazon; Myntra gift cards; Flipkart gift vouchers; and other branch-specific gift cards.\u00a0<\/span><\/h3>\n<p>\u00a0<\/p>\n<h3 style=\"line-height: 1.38; background-color: #ffffff; margin-top: 18pt; margin-bottom: 4pt;\"><span style=\"font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">2. Semi-Closed PPIs<\/span><\/h3>\n<h2 dir=\"ltr\" style=\"line-height: 1.38; background-color: #ffffff; margin-top: 18pt; margin-bottom: 4pt;\" role=\"presentation\"><span class=\"ez-toc-section\" id=\"Semi-closed_PPIs_can_be_used_at_a_group_of_merchants_that_have_a_specific_agreement_with_the_PPI_issuer_These_are_the_most_common_wallet-type_PPIs_in_India_It_is_a_type_of_payment_option_that_does_not_allow_users_to_withdraw_cash_unless_in_specific_RBI-approved_cases_The_e-wallets_are_usually_semi-closed_PPIs_and_they_can_be_used_for_online_and_offline_merchant_payments_Subject_to_KYC_norms_the_prescribed_loading_limits_are_optimised\"><\/span><span style=\"background-color: transparent; color: #000000; font-family: Arial, sans-serif; font-size: 12pt; font-weight: 400; white-space-collapse: preserve;\">Semi-closed PPIs can be used at a group of merchants that have a specific agreement with the PPI issuer. These are the most common wallet-type PPIs in India. It is a type of payment option that does not allow users to withdraw cash, unless in specific RBI-approved cases. The e-wallets are usually semi-closed PPIs, and they can be used for online and offline merchant payments. Subject to KYC norms, the prescribed loading limits are optimised.\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u00a0<\/p>\n<h2 dir=\"ltr\" style=\"line-height: 1.38; background-color: #ffffff; margin-top: 0pt; margin-bottom: 4pt; padding: 6pt 0pt 0pt 0pt;\"><span class=\"ez-toc-section\" id=\"Types_of_Semi-Closed_PPIs\"><\/span><span style=\"font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Types of Semi-Closed PPIs<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"margin-top: 0; margin-bottom: 0; padding-inline-start: 48px;\">\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Small PPI (Minimum KYC): <\/span><span style=\"font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">In a small PPI, the user is required to do OTP-based verification with a monthly loading cap, like \u20b910,000. Once the user adds funds to the specific app they are using, it cannot be transferred to bank accounts and has a validity of 1 year.\u00a0<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Full-KYC PPI: <\/span><span style=\"font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">In full KYC, the user has to go through complete KYC verification in order to have a higher balance limit, up to \u20b92 lakh as per current RBI norms. In full KYC, there is a fund transfer allowed, i.e., wallet-to-wallet\/bank transfer. Paytm Wallet, MobiKwik Wallet, or PhonePe Wallet.\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 style=\"line-height: 1.38; background-color: #ffffff; margin-top: 24pt; margin-bottom: 6pt;\"><span style=\"font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">3. Open System PPIs<\/span><\/h3>\n<h3 style=\"line-height: 1.38; background-color: #ffffff; margin-top: 24pt; margin-bottom: 6pt;\"><span style=\"background-color: transparent; color: #000000; font-family: Arial, sans-serif; font-size: 12pt; font-weight: 400; white-space-collapse: preserve;\">Open PPIs are prepaid cards issued only by banks and can be used for purchasing goods and services, including fund transfers and cash withdrawals. <\/span><span style=\"background-color: transparent; color: #000000; font-family: Arial, sans-serif; font-size: 12pt; font-weight: normal; white-space-collapse: preserve;\">They work similarly to debit cards but require funds to be preloaded. It is easily usable at any merchant accepting card networks, allows quick ATM withdrawals, and every user using the card is fully KYC-compliant. Examples include RuPay prepaid cards, Visa prepaid cards and Mastercard prepaid cards. These cards are usually used for overseas travel, salary, or as corporate expense cards.\u00a0<\/span><\/h3>\n<div>\n<p style=\"line-height: 1.38; margin-top: 12pt; margin-bottom: 0pt; padding: 0pt 0pt 12pt;\"><span style=\"font-size: 16pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; white-space-collapse: preserve;\"><b>Who is responsible for issuing PPIs? (Prepaid Payment Instruments)<\/b><\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; white-space-collapse: preserve;\">The Reserve Bank of India is the only organisation responsible for granting licences to companies to issue PPIs, setting regulations for PPI operations, safeguarding consumers through security and KYC compliance, and monitoring and controlling PPI issuers.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; white-space-collapse: preserve;\">No Indian company may issue a prepaid card or wallet without first obtaining approval from the Reserve Bank of India, per the Payment and Settlement Systems Act of 2007.\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; white-space-collapse: preserve;\">\u00a0<\/span><\/p>\n<h4 dir=\"ltr\" style=\"line-height: 1.7999999999999998; background-color: #ffffff; margin-top: 12pt; margin-bottom: 0pt; padding: 0pt 0pt 2pt 0pt;\"><span style=\"font-size: 13.5pt; font-family: Arial,sans-serif; color: #111111; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">RBI Certified Bank PPI Provider<\/span><\/h4>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Below is the list of banks authorised to issue PPIs.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Name of the Banks<\/span><\/p>\n<ol style=\"margin-top: 0; margin-bottom: 0; padding-inline-start: 48px;\">\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Bank of Baroda<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Bank of India<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Axis Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Bank of Maharashtra<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Airtel Payments Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">American Express Banking Corporation<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Au Small Finance Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Bandhan Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Barclays Bank PLC<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Canara Bank<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Central Bank of India<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Citi Bank N.A.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">City Union Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">DBS Bank India Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">DCB Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">HDFC Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">ICICI Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">IDBI Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">IDFC FIRST Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Indian Bank<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Indian Overseas Bank<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">IndusInd Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Jana Small Finance Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Jio Payments Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Karnataka Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Karur Vysya Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">State Bank of India<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Kerala Gramin Bank<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Kotak Mahindra Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Lakshmi Vilas Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NSDL Payments Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Pragathi Krishna Gramin Bank<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Punjab National Bank<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Punjab &amp; Sind Bank<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Standard Chartered Bank<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SBM BANK (INDIA) LTD.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">South Indian Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Paytm Payments Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Tamilnad Mercantile Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The Ahmedabad Mercantile Co-operative Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The Catholic Syrian Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The Dhanlaxmi Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The Federal Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The Gujarat State Co-operative Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The New India Co-operative Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The Rajasthan State Co-operative Bank Ltd.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">TJSB Sahakari Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">RBL Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The Saraswat Co-operative Bank Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">UCO Bank<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Union Bank of India<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Utkarsh Small Finance Bank Limited (Only for FASTag issuance facility)<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Yes Bank Limited<\/span><\/p>\n<\/li>\n<\/ol>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; white-space-collapse: preserve;\"><b id=\"docs-internal-guid-ef13aafa-7fff-8ab6-b8fa-73c41db64486\" style=\"font-weight: normal;\">\u00a0<\/b><\/span><\/p>\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 4pt;\"><span style=\"font-size: 13.999999999999998pt; font-family: Arial,sans-serif; color: #434343; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">RBI Licensed Non-Bank PPI Provider<\/span><\/h3>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Below is the list of non-bank Prepaid Payment Instruments (PPI) in India.<\/span><\/p>\n<ol style=\"margin-top: 0; margin-bottom: 0; padding-inline-start: 48px;\">\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The Clearing Corporation of India Ltd.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">AMC Repo Clearing Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">National Payments Corporation of India (NPCI) \/ NPCI Bharat BillPay Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Infibeam Avenues Limited (formerly Avenues India Pvt Ltd)<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">CSC e-Governance Services India Ltd<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Euronet Services India Pvt Ltd<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">IndiaIdeas.com Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Ebix Payment Services Pvt Ltd (formerly ItzCash Card Ltd)<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Spice Money Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Worldline ePayments India Pvt Ltd<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">One Mobikwik Systems Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">PayU Payments Pvt Ltd<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">PhonePe Private Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">American Express Banking Corp., USA (non-bank issuer in India)<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Diners Club International Ltd., USA (non-bank issuer)<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">MasterCard Asia\/Pacific Pte. Ltd. (non-bank issuer)<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Amazon Pay (India) Private Limited<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Zoho Payment Technologies Private Limited<\/span><\/p>\n<\/li>\n<\/ol>\n<p dir=\"ltr\" style=\"line-height: 1.2; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt 0pt 24pt 0pt;\">\u00a0<\/p>\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span class=\"ez-toc-section\" id=\"PPI_Limit_in_India\"><\/span><span style=\"font-size: 16pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">PPI Limit in India<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\">\u00a0<\/p>\n<div dir=\"ltr\" style=\"margin-left: 0pt;\" align=\"left\">\n<table style=\"border: none; border-collapse: collapse; table-layout: fixed; width: 468pt;\"><colgroup><col \/><col \/><col \/><col \/><\/colgroup>\n<tbody>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Type of PPI<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Max Limit\u00a0<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Reload Available<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Cash Withdrawal<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Small PPI<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">\u20b910,000<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Yes<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">No<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Full-KYC PPI<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">\u20b92,00,000<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Yes<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Yes<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">MTS PPI<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">\u20b93,000<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Yes<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">No<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Gift PPI<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">\u20b910,000<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">No<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">No<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div><span style=\"font-size: 11pt; font-family: Arial, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; white-space-collapse: preserve;\">\u00a0<\/span><\/div>\n<p>\u00a0<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_PPI_Interoperability\"><\/span>What Is PPI Interoperability?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>In basic terms, interoperability means enabling products or systems to work together and use each other\u2019s capabilities to strengthen the entire ecosystem.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Interoperability of PPIs works on the same principles.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>It gives consumers with full-KYC accounts the ability to use their digital wallet(s) to\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<ul>\n<li>Make a payment at any <a href=\"https:\/\/www.cashfree.com\/blog\/epos\/\"><strong><mark style=\"background-color: rgba(0, 0, 0, 0);\">POS (point-of-sale)<\/mark><\/strong><\/a> site that has the facility to accept online payments<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Withdraw cash from ATMs and POS terminals<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Transfer money from one wallet to another, irrespective of their nature<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>This also comes regardless of who issues the payment instrument. <strong>So, a customer could transfer money from a Paytm wallet to a Mobikwik wallet instantly.<\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":9298,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" data-recalc-dims=\"1\" height=\"481\" width=\"770\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/05\/PPI-Interoperability-Features-1024x640.png?resize=770%2C481&#038;ssl=1\" alt=\"PPI (prepaid payment instruments) interoperability features\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:paragraph --><\/p>\n<p>The basic idea behind making PPIs interoperable came after the RBI tested the same mechanics on UPI. One platform to unify different payment modes? It was a <a href=\"https:\/\/www.business-standard.com\/article\/finance\/upi-hits-record-high-in-april-with-5-58-bn-transactions-worth-rs-9-83-trn-122050100480_1.html'\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">recipe for success<\/a>.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>On the hypothesis tested, they\u2019re now confident that by making PPI interoperable in nature, all the respective stakeholder levels including consumers, merchants, banks, and issuers, everyone will enjoy the following benefits.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>All in all, while the term<\/strong> <strong>PPI interoperability is quite the tongue twister, it will simplify payments just the same<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"RBI_Regulations_On_Prepaid_Payment_Instruments_PPI_Interoperability\"><\/span>RBI Regulations On <strong>Prepaid Payment Instruments<\/strong> (PPI) Interoperability<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>The RBI has been stressing on making PPIs interoperable amongst the issuing and acquiring entities given the,\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<ul>\n<li>Feeble usage of payment instruments such as cards and <strong><mark style=\"background-color: rgba(0, 0, 0, 0);\"><a href=\"https:\/\/www.cashfree.com\/blog\/types-of-e-wallets\/\">e-wallets<\/a><\/mark><\/strong> by the Indian citizens<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Presence of an inadequate payment acceptance infrastructure in the country<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>To address these issues and make PPIs an integral part of India\u2019s larger financial services ecosystem, here\u2019s what the RBI\u2019s PPI interoperability mandate states.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<ul>\n<li>PPIs used for transportation such as metro or other public transport cards, will not come under interoperability\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Entities issuing gift cards, meal cards, and MTS can choose whether or not to make their cards interoperable<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>PPI Interoperability will be applicable to only those customers with <a href=\"https:\/\/www.cashfree.com\/blog\/all-about-rbis-recent-steps-digitising-business-kyc-updation\/\">complete-KYC <\/a>accounts\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Customers with minimum or partial KYC will not be able to take benefits of interoperability<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>PPI issuers will have to adhere to all the requirements as stated by the card networks\/UPI including<!-- wp:list -->\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<ul>\n<li>Type and criteria of membership<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong><mark style=\"background-color: rgba(0, 0, 0, 0);\"><a href=\"https:\/\/www.cashfree.com\/blog\/what-are-the-kyc-procedures-for-merchant-onboarding\/\">Merchant on-boarding<\/a><\/mark><\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Adhering to various standards<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Rules and regulations applicable against certain payment systems<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>PPI issuers will have to handle all the dispute resolutions and set up customer grievance redressal cells to provide solutions<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Card networks can onboard PPI issuers to join their network<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Non-bank PPI issuers can only participate as members or associate members of authorised card networks<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>PPI issuers can facilitate all the basic UPI interoperability features<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>PPI issuers will act as Payment System Providers (PSP) in the <a href=\"https:\/\/cashfree.com\/blog\/upi-integration\/\"><strong><mark style=\"background-color: rgba(0, 0, 0, 0);\">UPI<\/mark><\/strong><\/a> ecosystem. They will be issued a handle by the NPCI in line with its predefined policies\/guidelines<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>PPI holders can only be onboarded by their own PPI issuer for UPI. PPI issuers as PSPs cannot onboard customers of any bank or other PPI issuer<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_The_Perks_Of_PPI_Interoperability\"><\/span>What Are The Perks Of PPI Interoperability?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>PPI interoperability is expected to be the next game-changer for the payments industry. In fact, it may propel the payment ecosystem to be more innovative and competitive.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The key impact of PPI interoperability on different stakeholders is as follows.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":9300,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" data-recalc-dims=\"1\" height=\"408\" width=\"770\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/05\/Perks-Of-PPI-Interoperability-1024x543.png?resize=770%2C408&#038;ssl=1\" alt=\"Perks of PPI interoperability\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:heading {\"level\":3} --><\/p>\n<h3>For Merchants<\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<h4><strong>Accept More Wallet Payments<\/strong>\u00a0<\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>At present, mobile wallet service providers need to constantly add more merchants to their network to get more consumers to use their wallets in various instances. With PPI interoperability, all UPI-accepting merchants would be able to accept payments via their wallets. This means,\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<ul>\n<li>More consumer-onboarding<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Enhanced transaction volume<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Higher business revenue\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<h4><strong>Greater Digital Payment Adoption<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Looking at the current economics, it\u2019s quite evident that the interoperability of PPIs will lead to a greater <a href=\"https:\/\/www.cashfree.com\/blog\/offline-digital-payments\/\"><strong><mark style=\"background-color: rgba(0, 0, 0, 0);\">digital payment adoption<\/mark><\/strong><\/a> and usage in India. This will also boost the value and utility of the payment instruments among users. Resultantly increasing the merchant\u2019s customer base.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>Less Cash Management\u00a0<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Since all transactions will commence between wallets or wallet-to-bank accounts, the need to manage cash and keeping a track of transactions is significantly reduced.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Small merchants can easily reconcile their accounts using the PPI apps and avoid the need to regularly manage and deposit the collected cash in the bank.\u00a0\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>Related Read: <a href=\"https:\/\/cashfree.com\/blog\/reconciling-your-payment\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=ppi_interoperability\"><mark style=\"background-color: rgba(0, 0, 0, 0);\">Reconciling Your Payments as a Merchant<\/mark><\/a><\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>Effective Substitute To Bank Accounts<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The very nature of PPIs, especially prepaid cards and e-wallets, is quite similar to that of bank accounts. Only that these PPIs are far more effective, cheaper, and a faster substitute for bank accounts.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Merchants can conveniently use these bank-account-like-alternatives to commence many basic business activities. Some of them are as follows.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":9320,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" data-recalc-dims=\"1\" height=\"585\" width=\"770\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/05\/e-Wallets-As-An-Effective-Substitute-2-1024x778.png?resize=770%2C585&#038;ssl=1\" alt=\"prepaid payment instruments (PPI) are substitutes to bank accounts\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:paragraph --><\/p>\n<p>And the list goes on!<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>Increased Limit From 1 Lakh to 2 Lakhs<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Many merchants today use wallets to accept payments from customers. However, the earlier wallet limit of INR 1 lakh restricted them from using the wallets to their maximum potential. Moreover, many wallets swept the extra funds into FDs at the payments bank\u2019s end.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Now, the limit has been extended to INR 2 lakhs (for full-KYC PPIs). This not only ensures that merchants can accept more payments from consumers including high-ticket transactions.\u00a0\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>No Need For Multiple Wallet Integrations<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>With interoperability in the picture now, small merchants (or one-man businesses) don\u2019t need to integrate specific wallets to accept payments. They can now accept payment in any wallet of their choice from any wallet that a consumer uses.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Naturally, it is not feasible for medium or large businesses to accept payments like that.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>For starters, they need to accept payments from various payment modes like cards and net banking too. On top of that, they need easy-to-use reconciliation and settlement services.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>A <a href=\"https:\/\/cashfree.com\/blog\/payment-aggregator\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=ppi_interoperability\"><strong><mark style=\"background-color: rgba(0, 0, 0, 0);\">payment aggregator<\/mark><\/strong><\/a> like Cashfree Payments accepts payments from multiple wallets. Cashfree allows merchants to accept payment from 120+ payment options with utmost ease and comfort.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":9341,\"sizeSlug\":\"large\",\"linkDestination\":\"custom\"} --><\/p>\n<figure><a href=\"https:\/\/blogrevamp.cashfree.com\/payment-gateway-india\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=ppi_interoperability_blog\"><img loading=\"lazy\" decoding=\"async\" data-recalc-dims=\"1\" height=\"276\" width=\"770\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/05\/payment-options-cashfree-1-1024x367.png?resize=770%2C276&#038;ssl=1\" alt=\"\" \/><\/a><\/figure>\n<p><!-- \/wp:image --><!-- wp:paragraph --><\/p>\n<p>The payment gateway also,\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<ul>\n<li>Collects funds from all digital sources on behalf of the merchant<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Sends collated funds into merchant account\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Reconciles accounts and ensures seamless accounting\u00a0\u00a0\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Offers additional payment acceptance sources like payment links, forms, QR codes, etc\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p><strong>Pro Tip: <mark style=\"background-color: rgba(0, 0, 0, 0);\"><a href=\"https:\/\/www.cashfree.com\/blog\/unit-tests-coverage-dashboard\/\">Sonarqube Unit Test<\/a><\/mark><\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3>For Consumers<\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<h4><strong>Highly Consumer-Friendly<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>From a consumer\u2019s point of view, PPI interoperability will offer higher payment convenience with less restrictions.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Consumers will have the liberty to easily and swiftly transfer funds across different wallets irrespective of the issuer.\u00a0\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>Higher Financial Inclusion And Penetration<\/strong>\u00a0<\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>With PPIs becoming interoperable, they\u2019ll be at par with a bank\u2019s savings account. This will, in turn, make PPIs more appealing to the citizens of India and encourage more digital penetration. Looking at the scope this will effectively benefit the unbanked and underbanked section of the population.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>To give you an example, with PPI interoperability coming into the picture, consumers will be able to\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<ul>\n<li>Avail small value loans<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Blue-collar workers could receive salaries\/wages directly into their PPI wallets<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Do micro-savings and achieve life goals<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>make small-ticket size payments, both online and offline<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>The concept will also help women become more financially independent. They\u2019ll have access to useful and affordable financial products and services that will help them make sound financial investment decisions and make small-ticket purchases without anyone\u2019s help.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>Encourage More Innovation\u00a0<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>As the Fintech market innovates and ships new and better prepaid payment instruments in the Indian market, more consumers will benefit in the process.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>They\u2019ll have access to more innovative financial products and better means to manage their finances.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>Pro Tip: <mark style=\"background-color: rgba(0, 0, 0, 0);\"><a href=\"https:\/\/www.cashfree.com\/blog\/what-is-softpos\/\">What Is softPOS?<\/a><\/mark><\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>Seek Quick Redressals From Issuers<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>With the introduction of PPI interoperability, consumers will now be able to seek redressal against any issues faced directly by the issuer. And, in the same mechanics as defined by the card network(s) or National Payments Corporation of India (NPCI)<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The<strong><mark style=\"background-color: rgba(0, 0, 0, 0);\"> <a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_ViewMasDirections.aspx?id=12156\" rel=\"nofollow\">RBI mandates this in their recent report<\/a><\/mark><\/strong> defining the guidelines that follow PPI Interoperability in India.\u00a0\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>Higher Use Cases<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>By making prepaid payment instruments interoperable in nature, consumers will have more power to leverage PPIs and enjoy more financial freedom.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3>For PPI Issuers<\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<h4><strong>Becoming Quasi-Banks<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>With the introduction of PPI interoperability, <a href=\"https:\/\/www.pwc.in\/industries\/financial-services\/fintech\/payments\/ppi-interoperability.html\" rel=\"nofollow\"><strong><mark style=\"background-color: rgba(0, 0, 0, 0);\">PPI issuers have become quasi banks in terms of payments<\/mark><\/strong>.<\/a> Meaning, they\u2019ll be able to offer many, if not all, banking services to consumers along with many additional benefits.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>Better Access To Payment Infrastructure<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>PPI issuers will enjoy better access to the Indian payments infrastructure. Moreover, their dependency on the bank (for many minor and major services, such as access, settlement, etc.) will also reduce significantly.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<h4><strong>Additional Sources Of Revenue\u00a0<\/strong><\/h4>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Interoperability brings additional sources of revenue to the plate for PPI issuers.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>They can gain significantly in terms of interchange for UPI and prepaid cards, transaction costs, and via other similar methods.\u00a0\u00a0\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":9311,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" data-recalc-dims=\"1\" height=\"443\" width=\"770\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/05\/Additional-Sources-of-Income-1-1024x589.png?resize=770%2C443&#038;ssl=1\" alt=\"Additional sources of Income for PPI issuers\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:paragraph --><\/p>\n<p>However, they\u2019ll need to infuse additional investment to set up the necessary infrastructure to benefit from these additional revenue sources.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Challenges_PPI_Players_Need_to_Watch_Out_For\"><\/span>Challenges PPI Players Need to Watch Out For<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>While advantages are plenty, many challenges come along the way.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":9317,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} --><\/p>\n<figure><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/05\/Challenges-PPI-Players.png?w=770&#038;ssl=1\" alt=\"Challenges PPI players need to watch out\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:heading {\"level\":3} --><\/p>\n<h3>Provide Satisfying Customer Support\u00a0<\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Owing to the RBI guidelines, PPI players will need to build a robust customer support system that entertains even the tiniest of customer complaints.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>If not done properly, one bad experience is enough to scare customers off to cash transactions and steer them from coming back.\u00a0\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3>Easy Onboarding Processes<\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Every financial segment today is innovating its onboarding process.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Owing to this, it is extremely necessary that even PPI players build a faster and easier onboarding process.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>This will keep potential customers from considering other online financial options, especially opening digital accounts offered by <a href=\"https:\/\/www.cashfree.com\/blog\/neobanks-vs-traditional-banks-vs-challenger-banks\/\"><strong><mark style=\"background-color: rgba(0, 0, 0, 0);\">neobanks<\/mark><\/strong><\/a>.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading {\"level\":3} --><\/p>\n<h3>Improve And Simplify KYC Processes<\/h3>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Even though the KYC process today has improved manifold, there still exists a huge scope to upgrade and build a much better KYC process. PPI players need to tap into this space and build better and faster KYC solutions.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>For instance, provide a quick, two-step online KYC process that helps onboard customers in a matter of seconds.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Boost_To_Digital_Payments_And_Greater_Financial_Inclusion\"><\/span>Boost To Digital Payments And Greater Financial Inclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Here\u2019s how interoperability will transform the overall <strong><mark style=\"background-color: rgba(0, 0, 0, 0);\"><a href=\"https:\/\/www.cashfree.com\/blog\/the-payments-ecosystem-podcast\/\">payments ecosystem<\/a> <\/mark><\/strong>in the coming future, causing the below-mentioned changes, for good.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<ul>\n<li>Provide easy access to payment instruments such as cards, wallets, and UPI to the unbanked and underbanked population of the country\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Increase financial inclusion and adoption of <strong><mark style=\"background-color: rgba(0, 0, 0, 0);\"><a href=\"https:\/\/www.cashfree.com\/blog\/keeping-india-ahead-in-digital-payments\/\">digital payment methods throughout the nation<\/a><\/mark><\/strong>\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>With NPCI making UPI 2.0 live, peer-to-merchant transactions will significantly increase, even in tier 2 and 3 parts of India\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The entire payments ecosystem will become more competitive, creating a larger playing field for the merchants and PPI players<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Interoperability_is_the_Road_To_The_Future\"><\/span>Interoperability\u00a0is the Road To The Future<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>As cards and wallets become more functional and feature-rich in nature, thanks to the implementation of interoperability in PPIs, it\u2019s only a matter of time to see the PPI industry see a boom in its usage as UPI.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The regulators and stakeholders are confident that this move will build a more secure, reliable, and robust payments system that will not only play a bigger role in the financial services ecosystem and benefit all the players involved.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:image {\"id\":9322,\"sizeSlug\":\"large\",\"linkDestination\":\"custom\"} --><\/p>\n<figure><a href=\"https:\/\/cashfree.com\/payment-gateway-india\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=ppi_interoperability\"><img loading=\"lazy\" decoding=\"async\" data-recalc-dims=\"1\" height=\"172\" width=\"770\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/05\/cta1-1024x229.png?resize=770%2C172&#038;ssl=1\" alt=\"accept payments through e-wallets in less than 30 seconds\" \/><\/a><\/figure>\n<p><!-- \/wp:image --><!-- wp:paragraph --><\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Digital payment systems have transformed the way people shop, save, transfer, and manage money in everyday life. From small street vendors to large businesses, digital payments have made transactions faster, easier, and more accessible. Many people who previously had limited access to banking can now use mobile payment apps and digital wallets to process payments<\/p>\n","protected":false},"author":142,"featured_media":31191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-31190","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Digital Payments in India &amp; How does it work<\/title>\n<meta name=\"description\" content=\"Understand the digital payment system in India, its working mechanism, popular digital payment modes, and how Cashfree Payments helps businesses accept, process, and manage digital payments efficiently.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cashfree.com\/blog\/digital-payment-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Digital Payments in India &amp; How does it work\" \/>\n<meta property=\"og:description\" content=\"Understand the digital payment system in India, its working mechanism, popular digital payment modes, and how Cashfree Payments helps businesses accept, process, and manage digital payments efficiently.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cashfree.com\/blog\/digital-payment-system\/\" \/>\n<meta property=\"og:site_name\" content=\"Cashfree Payments Blog\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-22T03:50:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-22T05:54:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2025\/12\/Digital-Payment.png?fit=1800%2C1200&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Rishabh Ranjan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rishabh Ranjan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"29 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is Digital Payments in India & How does it work","description":"Understand the digital payment system in India, its working mechanism, popular digital payment modes, and how Cashfree Payments helps businesses accept, process, and manage digital payments efficiently.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cashfree.com\/blog\/digital-payment-system\/","og_locale":"en_US","og_type":"article","og_title":"What is Digital Payments in India & How does it work","og_description":"Understand the digital payment system in India, its working mechanism, popular digital payment modes, and how Cashfree Payments helps businesses accept, process, and manage digital payments efficiently.","og_url":"https:\/\/www.cashfree.com\/blog\/digital-payment-system\/","og_site_name":"Cashfree Payments Blog","article_published_time":"2026-06-22T03:50:00+00:00","article_modified_time":"2026-06-22T05:54:39+00:00","og_image":[{"width":1800,"height":1200,"url":"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2025\/12\/Digital-Payment.png?fit=1800%2C1200&ssl=1","type":"image\/png"}],"author":"Rishabh Ranjan","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Rishabh Ranjan","Est. reading time":"29 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.cashfree.com\/blog\/digital-payment-system\/#article","isPartOf":{"@id":"https:\/\/blogrevamp.cashfree.com\/digital-payment-system\/"},"author":{"name":"Rishabh Ranjan","@id":"https:\/\/blogrevamp.cashfree.com\/#\/schema\/person\/f062683aff5362102e9c5b7541c1328c"},"headline":"Digital Payment System: What is it &amp; 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