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RBI guidelines to make India’s mobile wallets interoperable
- Wednesday | 17th October, 2018
Mobile wallets currently do not allow users to send or receive money from a wallet run by another firm. Digital payments in India are projected to grow five-fold to about $1 trillion by 2023, according to Credit Suisse. MUMBAI (Reuters) – The Reserve Bank of India on Tuesday laid out guidelines that would allow for seamless payments between different mobile wallets, in a move that could further boost the use of digital payments in the country. Digital wallet companies, if they so desire, can now use a state-backed payments network that makes peer-to-peer payments instant, to make wallets inter-operable, the Reserve Bank of India said on Tuesday. Mobile wallets such as the one run by SoftBank and Alibaba-backed Paytm have become popular in India after a ban on high-value currency in late 2016 pushed people to pay digitally.
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