You Can Soon Transfer Money Between Different Digital Wallets
Jun. 11, 2018Digital wallets like Paytm, PhonePe have majorly eased our pain with carrying cash everywhere we go, besides offering attractive cashbacks. But if you’ve ever wanted to transfer money from one wallet to another, you must know that it is not an easy process at all and requires multiple taxing steps.
Not for long, as theReserve Bank of India(RBI) willsoon release guidelines to allow interoperability between digital wallets. National Payments Corporation of India (NPCI) has issued its recommendations on the matter and the RBI is “ironing out” a handful of issues, reports theEconomic Times.
Interoperability is the next step to offering a more seamless ecosystem of digital payments and willallow more users to transact digitallyusing the service of their choice without the fear of being left out. Since the RBI has alreadymandated all users to perform KYCto use their respective payments bank and digital wallet services without hitting a snag, it is nowwaiting for these companies to prepare technologically.
Experts suggest that the feature will also lead to fairer trade and competition among the players in the industry who have been building “walled gardens” to enclose customers. Companies, reportedly, believe that the decision by the RBI willgive their business a big boostand mitigate the effects of KYC norms which has resulted in a decline in their user base. This will help wallets come on par with traditional banking as wellUPI.
Last year in October, the RBI had announced that it will relay guidelines within “six months” and while it is two months past the deadline, ET’s sources have assured that the guidelines will be released within a month.
