RBI proposes special prepaid wallets for transit, gifting, foreign visitors
Business
The RBI is shaking up digital payments with a proposal for new prepaid wallets designed for things like public transport, gifting, and making life easier for foreign visitors in India.
These special-use wallets won't work for cross-border payments but are meant to add more options alongside UPI.
RBI draft outlines PPI types, rules
The draft proposes full-KYC and small PPIs as general-purpose wallets, alongside special-purpose PPIs.
Special versions include Gift PPIs (₹10,000 limit, valid for one year) and Transit PPIs (no KYC needed, never expire).
Foreign nationals or NRIs could get wallets with up to ₹5 lakh.
Plus, nonbank wallet providers will need to meet stricter rules, and all terms and fees must be clearly shared with users.