RBI to allow inter-operability in prepaid payment instruments

05 October,Mumbai

 

Users will be able to transfer funds from one mobile wallet to another as Reserve Bank is allowing inter-operability among prepaid payment instruments (PPI) very soon.

PPIs which include the likes of e-wallets, gift cards and meal coupons are used as substitutes for cash. RBI today said in the ‘Statement on Developmental and Regulatory Policies’ that KYC compliant PPIs can inter-operate within six months of the revised directions.

RBI will issue revised master directions on October 11 this year. The RBI said revised framework will pave the way for inter-operability into usage of PPIs, as per the vision for Payment and Settlement Systems in the country.

Mobile wallet companies have supported RBI’s latest move saying it will increase adoption of digital payments in the country.

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