Users may soon be able to transfer funds from one mobile wallet to another, with the Reserve Bank of India allowing interoperability among prepaid payment instruments such as e-wallets, gift cards and meal coupons.
It is expected that PPIs can interoperate within six months of the revised directions, RBI said in the 'Statement on Developmental and Regulatory Policies' today.
Mobile wallet companies supported RBI's latest move saying it will increase adoption of digtal payments in the country. According to Bipin Preet Singh, Founder and CEO of MobiKwik, interoperability was one of the key challenges in increasing the adoption of digital payments in India.
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RBI's latest direction in this regard will provide a homogenous environment for the growth of mobile wallets.Bipin Preet Singh, Founder & CEO, MobiKwik
This would mean consumers do not have to download another wallet if they already have one and they can pay across the merchant network of any other PPI, Singh explained. “This helps us widen our reach and bring enormous value to our business. Collaboration and co-competition are going to drive thedigital payments industry into its next phase,” he added
Kiran Vasireddy, Chief Operating Officer of Paytm, said this would act as a strong boost for digital payments ecosystem in India.
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. The vision envisages for India to migrate to electronic payments and ensure that such payments are safe, secure, authorised, efficient and accessible.
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