Updated By: LatestGKGS Desk
RBI Scheme: RBI guideline Money transfer between E wallets to become a reality soon
RBI Scheme: Money transfer between E wallets Reserve Bank of India (RBI) has released the final guidelines for this on Tuesday.
Now, soon there will be money transfers between mobile wallets such as pre-paid instruments. Reserve Bank of India (RBI) has released the final guidelines for this on Tuesday.
RBI said that digital wallet companies may now use the government-backed payment network if they want so that these companies will be able to pay an immediate payment among themselves.
According to the RBI notification, reciprocity between all the PPIs adhering to KYC was to be implemented in these three stages-
1. Money Transfer between PPIs issued as volumes with Unified Payments Interface (UPI)
2. Money Transfer between Bank Account and wallet via UPI
3. Money Transfer between PPIs issued as cards through card network
In its guidelines, the RBI said that reciprocity between PPIs will be implemented through UPI. In addition, pre-paid cards have to be linked to authorized card networks. About 50 companies in the country have licenses for pre-paid payment instrument (PPI, digital volt). RBI has not yet implemented any minimum charge for payment between mobile wallet. It is believed that this step of IBI will encourage digital payments in the country.
"This will boost the growth rate of digital payments in India faster," said Worship Tucker, co-founder of Finitech firm Mobikvi. There will obviously be more opportunities for business. According to an estimate made by Credit Suisse, the number of digital payments in India will reach $ 1 trillion by 2023.
