RBI has now introduced a new type of semi-closed prepaid payment instruments (PPIs) for the Indian consumer. According to RBI, PPI can only be used for the purchase of goods and services up to Rs 10,000 per month and Rs 1,20,000 during the entire financial year.
The loading/reloading of such PPI will be only from a bank account, and customers will be able to make only digital payments, including bill payments and merchant payments. The consumers can use this feature to make daily payments at local shops and retail outlets for the purchase of everyday household goods and services but cannot be used for funds transfer.
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