Cred  enters wallets via HipBar purchase

  • A Cred spokesperson confirmed that the company is close to acquiring an existing PPI service provider without naming the startup.
  • New rules for PPIs announced by the RBI in April doubled the limit for money that can be loaded in a wallet to ₹2 lakh and made interoperability between wallets mandatory by March 2022.
  • Funds transfer or cash withdrawal from such PPIs shall not be permitted, whereas full-KYC PPIs can be used to purchase goods and services, transfer funds or withdraw cash.
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