Business Standard

In 6 months, you could use one mobile wallet to transfer money to another

RBI has assured of interoperability among mobile wallets,but said all entities would need to have a minimum net worth of Rs 5 crore at the time of application for e-wallet operation

Digital Payment
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Nikhat Hetavkar Mumbai
The Reserve Bank of India on Wednesday said digital wallets would be interoperable through the Unified Payments Interface (UPI) within six months. Though the central bank laid a road map for increased usage of digital wallets, it was silent on a timeline for full interoperability among prepaid instruments.

The RBI, in its master direction, said it would enable full interoperability in phases and issue operational guidelines separately. In the first phase, all know-your-customer (KYC)-compliant wallets would be made interoperable through the UPI. Interoperability would be enabled between e-wallets and bank accounts through the UPI and among digital wallets through cards

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