Allowing wallet-to wallet transfer of funds, the Reserve Bank of India (RBI) issued guidelines for interoperability of e-wallets.
In December, last year, the regulatory talked about enabling full interoperability; the industry was awaiting the final rules.
“Wallets have always been treated as second cousins in the payments ecosystem. Wallets were previously close-looped ecosystems. You will soon be able to transfer money from Mobikwik to any other wallet or bank. This basic interoperability has brought us on a par with banks,” Bipin Preet Singh, chief executive officer (CEO), Mobikwik.
According to the sources, the final guidelines on inter wallet payments would help the prepaid instruments (PPIs) or wallet industry to grow further.
Sources suggest that around four to five wallet players are already in a technical testing phase to initiate money transfer between each other.
National Payments Corporation of India’s (NPCI’s) Unified Payments Interface (UPI) is also said to be getting further push with wallet interoperability.
“Wallet interoperability is a much-awaited step in the right direction. A phased approach is necessary for regulated growth of the sector,” said A P Hota, former managing director & CEO, NPCI.