Prepaid cards can be used to pay for travel on public transport when approved by RBI
RBI: Payment under PPI or prepaid card is made first. With their arrival, passengers will have other options to pay the fare apart from cash payment. The instrument will facilitate passengers to make secure, convenient and fast digital payments for transit services, RBI said in a notification.
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The RBI on Friday allowed banks and non-banking financial institutions to issue PPI (prepaid cards) for payments for public transport systems. This will make it easier for people to travel on public transport.
Prepaid cards or PPI payments are made first. Passengers will have alternatives to paying with cash when they arrive for the fare. According to an announcement by RBI, the device would make it easier for users to make quick, easy, and safe digital payments for transport services. Every day, a sizable number of people use the nation's public transportation networks.
With the permission of registered firms, the government has permitted the GST Network to share registered business data with the RBI's "Public Tech Platform for Frictionless Credit." By taking this step, company units will be able to obtain loans more quickly because of the shared GST information.
