According to the RBI statement, "To provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services, it has been decided to permit authorised bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems."
These instruments, known as prepaid payment instruments-mass transit systems (PPI-MTS), are set to change the way commuters manage their travel expenses.
WHAT ARE THESE?
PPI-MTS enables authorised banks and non-banks to issue specialised PPIs for payment towards public transport.
This will ensure that you can use one instrument for multiple transit systems, including toll and parking payments.
This story is from the March 2024 edition of Outlook Money.
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This story is from the March 2024 edition of Outlook Money.
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