 "E-wallets are similar to bank accounts, but more convenient: Experts")
Four key announcements made in the April 7 monetary policy are likely to enhance the appeal of prepaid payment instruments (PPIs) like mobile wallets. Enrolling is easy. They have no mandatory minimum balance requirement. Since they will offer many of the same functionalities as a bank account, they are likely to find more takers.
Interoperability made mandatory: Earlier, money transfer from wallet-to-wallet and from wallet-to-bank account was not possible in the case of several PPIs. The Reserve Bank of India (RBI) has now made interoperability mandatory for full know-your-customer (KYC) PPIs.
“This will free up the flow of money from a
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