Sooner RBI is going to allow inter transfer of fund between different eWallets. After implementation of new prepaid rule, users will be able to transfer fund between different wallets companies like user of PayTm wallets may be able to transfer funds to Mobikwik or Airtel wallets or Phone pay.
The Reserve Bank of India (RBI) hinted to make prepaid payment instruments like e-wallets, gift cards and meal coupons inter-operable for customers complying with the central bank’s know your customer guidelines.
As per the information, RBI is going to launch this new rule within this week, afterwards within six months, process of transferring of funds within wallets will start functioning. RBI’s this new rule will naturally provide the lifeline to Payment banks and wallets companies like PayTm. This is much needed favorable support by RBI to PayTm, Mobikwik, Airtel Money and other eWallets.
prepaid payment instruments (PPIs) which include the likes of e-wallets, gift cards and meal coupons are used as substitutes for cash. Mobile wallet companies supported RBI’s latest move saying it will increase adoption of digital payments in the country.
“Inter-operability amongst KYC compliant PPIs shall be implemented within six months of the date of issuance of the revised master directions, which will be issued within a week, i.e. by October 11, 2017,” RBI has said.