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OmniCard becomes 1st RBI licensed PPI to launch Cash Withdrawal

Published on June 15, 2022
Current Context: Recently OmniCard has announced that it became the 1st RBI-licensed PPI to launch cash withdrawal using a RuPay-powered card from any ATMs across the country.
OmniCard becomes 1st RBI licensed PPI to launch Cash Withdrawal
  • OmniCard users can withdraw cash from any ATM at their convenience with full security from frauds like card theft, card cloning, PIN skimming, etc.
  • It also provides an alternative platform for users to keep their bank accounts safe from cyber frauds using a digital wallet linked with Rupay Card and UPI.
  • Nowadays Prepaid RuPay cards act as a boon in augmenting the customer's financial inclusion, security, and convenience.
  • These payment instruments are licensed and regulated by the Reserve Bank of India.
  • There are three types of PPIs closed system PPIs, semi-closed system PPIs, and open system PPIs.
  • These are generally issued in the form of smart cards, mobile wallets, paper vouchers, and internet accounts/wallets.

Question:

Q.1 Which of the following Prepaid Payment Instruments has become India’s first PPI to launch cash withdrawal?
a. PostPe
b. Slicecard
c. Omnicard
d. Kredit bee
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