Software-backed digital payments infrastructure provider JusPay on Thursday announced a software stack called OpenPPI that helps prepaid instruments such as digital wallets implement and comply with RBI’s PPI interoperability rules.
The RBI said in May 2021 that all prepaid cards and wallets that are full-KYC complaints must be fully interoperable mutually compatible by March 31, 2022.
The rules are aimed at accelerating the migration of small and convenient payments from cash to PPI Instruments and wallets. They also acquire PPIs to be compliant with the same level of security and customer support as mandated for UPI, so customers can have the confidence to adopt them.
With the launch of JusPay’s OpenPPI, existing and prospective PPI players can comply with the new rules using an end-to-end secure cloud solution, the company said. The OpenPPI solution will enable interoperability for PPIs through the UPI.
The National Payments Corporation of India, which runs UPI, is working with payment players to comply with RBI’s norms and is in advance talks on the merchant discount rates to be charged in the PPI interoperability setup.