- 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
