Reserve Bank release guidelines to facilitate payments among PPI

In a move aimed at promoting digital transactions, the Reserve Bank of India (RBI) has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets.
The guidelines, released yesterday, elaborate on requirements for achieving interoperability for mobile wallets and cards, and norms for customer protection and grievance redressal.
According to the notification issued by the RBI, inter-operability among mobile wallets, and between the bank account and e-wallet would be enabled through the UPI system. The inter-operability shall be facilitated to all KYC-compliant PPI accounts and entire acceptance infrastructure.
The inter-operability would be achieved in a phased manner. Paytm, MobiKwik, Oxigen and Ola Money are some of the popular mobile wallets in the country. Currently, a mobile wallet does not allow customers to send or receive money from a wallet run by another company.

Published On : 18 Oct 2018