Soon, the users will be capable of transferring funds from one mobile wallet like Paytm to other wallets that comprises Oxigen, Amazon Pay, MobiKwik, etc, as the central bank of the country has forwarded guidelines to allow fund transfer amongst different wallets, in a bid to enhance digital operations crosswise the nation.
Yesterday, the central bank forwarded rules to allow interoperability for pre-paid tools or handset wallets with the aim to simplify smooth transfer of money.
In addition to wallet to wallet fund transfer, the novel regulations set by RBI let mobile wallet firms to issue cards in association with card systems including Mastercard and Visa.
Details about new rules
Providing details about the requirements below the novel regulations, the central bank stated that in the case of pre-paid tools forwarded in the form of wallets, interoperability crosswise PPIs must be permitted by way of Unified Payments Interface (UPI).
For PPIs forwarded in the form of cards, the cards must be associated to the certified card systems.
“PPI providers operating solely in precise sections such as meal, gift and mass transport system (MTS) may also enforce interoperability,” the RBI also stated.
In contradiction of expectations, the central bank did not levy any minimum net worth condition on mobile wallet firms in order for them to turn out to be interoperable.
“Interoperability will permit clients to select digital wallets they wish to make a transaction with and send funds from other digital wallets to their favored wallet. Interoperability will offer a great boost to digital as well as cashless payments crosswise the country,” a representative of a mobile wallet company told media people.
Particularly, with the aim to guarantee safety of all such type of transfers, RBI has instructed PPI issuers to stick to all security advises set by the National Payments Corporation of India (NPCI) for UPI as well as card systems for merchant onboarding. But, interoperability will only be made accessible for complete KYC wallets, the RBI added up.
Some worldwide players have made an appeal for extra time for acquiescence and also asked that they be permitted to mirror the facts.