OmniCard, India’s first omnichannel Payment Platform for end-to-end Spending Solutions, has launched Unified Payments Interface (UPI) services with its own UPI handle, @OMNI for its users which do not require them to link a bank account.
- OmniCard is a prepaid payment instrument (PPI) licenced by the Reserve Bank of India (RBI) that provides India’s first omnichannel spending platform with UPI services for individuals as well as businesses.
The development follows after the RBI approved and the National Payments Corporation of India (NPCI) authorized PPIs to offer UPI services, making UPI more inclusive and convenient.
Backdrop Â
i.The RBI issued Master Directions on Prepaid Payment Instruments (MD-PPIs) in February 2023 [updated as of February 10, 2023]. The MD-PPIs provisions apply to all PPI issuers and system participants.
- The guidelines are issued in accordance with Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007.
ii.According to the guidelines, all participating PPI issuers adhere to the technical specifications, standards, and requirements for ensuring interoperability through UPI and card networks, as laid down by the NPCI and the respective card networks.
- PPI issuer participation in UPI and card networks will be facilitated by NPCI and card networks.
iii.PPIs are instruments that enable the purchase of goods and services, conduct of financial services, offer remittance facilities, and other activities in exchange for the value stored in it.
- PPIs provide an excellent opportunity for consumers and businesses to provide purpose-specific accounts to foreign travellers and Non-Resident Indians (NRIs).
Key Points:
i.OmniCard guarantees the highest level of security for its users by providing a bank-independent UPI facility.
ii.Users can use their OmniCard wallet balance to make payments to any UPI QR (Quick Response) code or UPI ID without disclosing their bank account details.
iii.When a user transfers money to their OmniCard wallet, @OMNI UPI ensures a layer that reduces the risk rather than exposing their life savings held in bank accounts.
iv.All merchants accept OmniCard via POS offline and online gateways, and it is also available as a RuPay prepaid card and a RuPay On The Go adapter (OTG) [wearable].
v.OmniCard holders can also withdraw cash from any ATM in India.
Key Benefits:
i.Businesses can use OmniCard to issue cards to their employees, value chain, and customers, with the added benefit of UPI linked to the card, which offers extensive payments to all merchants and is not confined to Point of Sale (POS) merchants.
- UPI payments enable businesses to spend money swiftly and conveniently.
ii.OmniCard spend management solutions serve SMEs (Small and Medium–Sized Enterprises) & corporates by delivering a one-stop payment solution that assures zero leakages, paperless business spends and employee reimbursements, and small cash management, which leads to greater team efficiencies.
Recent Related News:
In February 2023, Paytm Payments Bank Ltd (PPBL) introduced the ‘RuPay credit card on UPI’ in collaboration with the NPCI, allowing users to link their RuPay credit cards to the UPI infrastructure. The partnership will allow RuPay credit card holders to use the UPI service to pay for goods and services both online and offline.
About OmniCard:
Chief Operating Officer (COO) & Co-Founder – Abhishek Saxena
Headquarters – Noida, Uttar Pradesh
