RBI lays out rules to make mobile wallet payments seamless

RBI lays out rules to make mobile wallet payments seamless - Latest News

RBI lays out rules to make mobile wallet payments seamless - Latest News

"Also now UPI would be accessible to large masses even those who are not banked or are under-banked", he said.

Soon you will be able to transfer your Paytm wallet money to Mobikwik and vice versa as RBI has finally released the guidelines for interoperability.

"This will enable players to start issuing payment instruments from card networks (RuPay/Visa/MC) which will be accepted across both physical merchant locations through PoS Teeminal or through Bharat QR code and there is no need for us to onboard merchants separately".

It would allow PPI issuers, system providers and system participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems.

"Besides, wallets can issue debit cards by collaborating with any card network and these cards can be used for offline purchases", he said, adding that post-interoperability, there would be no difference between a PPI and a payments bank.

RBI also said card networks are allowed to on-board PPI issuers to join their network and non-bank PPI issuers are permitted to participate as members/associate members of authorized card networks. "PPI issuers operating exclusively in specific segments like Meal, Gift and MTS may also implement interoperability", said the RBI.

The guidelines mandate that PPI issuers shall have a board approved policy for achieving PPI inter-operability. "PPI issuers shall only link their customer wallets to the handle issued to them and PPI issuers as PSP shall not on-board customers of any bank or any other PPI issuer", it said.

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Another condition: Only KYC enabled PPIs will be able to participate in the interoperability operations.

Now, after nearly 1.8 years, the guidelines have been finally issued.

UPI is a payments system launched by the National Payments Corporation of India in August 2016.

While all leading mobile wallet operators have welcomed the move, the announcement won't be going to impact the status quo in any big way. KYC is a process through which financial institutions verify information about customers.

However, there is one condition: The money transfer between wallets has to be made via UPI.

One very interesting decision regarding interoperability between wallets, and between wallets and cards is that, UPI is compulsory.

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