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RBI takes Major Step Towards Mobile Wallet Interoperability, Issues Guidelines
November 08, 2018
Taking a major step towards interoperability in mobile wallets, the central bank RBI has issued guidelines to facilitate payments across various prepaid payment instruments (PPIs). In 2017, it had created a 3-step plan for the rollout of interoperability:
- Interoperability of PPI wallets via Unified Payments Interface (UPI)
- Interoperability between wallets and bank accounts via UPI
- Interoperability for PPIs in the form of cards through card payment networks
RBI has issued guidelines for all the 3 phases simultaneously. Once the guidelines are implemented, mobile wallet users will be able to send and receive payments across different mobile wallets including Ola Money, Paytm Mobikwik, etc.
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