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RBI- interoperability of wallets
October 14 , 2017
2410 days
1152
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- The Reserve Bank of India (RBI) has directed the banks and non-bank entities should make their wallets, or prepaid payment instruments, interoperable through the Unified Payments Interface (UPI) within six months with a view to making electronic payments seamless.
- In the first phase, all Know Your Customer (KYC)-compliant PPIs should be made interoperable amongst themselves through UPI.
- In next phase, interoperability shall be enabled between wallets and bank accounts through UPI.
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