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RBI takes Major Step Towards Mobile Wallet Interoperability, Issues Guidelines

November 08, 2018

RBI takes Major Step Towards Mobile Wallet Interoperability, Issues Guidelines
Taking a major step towards interoperability in mobile wallets, the central bank RBI has issued guidelines to facilitate payments across various prepaid payment instruments (PPIs). In 2017, it had created a 3-step plan for the rollout of interoperability:

  • Interoperability of PPI wallets via Unified Payments Interface (UPI)
  • Interoperability between wallets and bank accounts via UPI
  • Interoperability for PPIs in the form of cards through card payment networks
RBI has issued guidelines for all the 3 phases simultaneously. Once the guidelines are implemented, mobile wallet users will be able to send and receive payments across different mobile wallets including Ola Money, Paytm Mobikwik, etc.

Photo on VisualHunt

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