RBI to Introduce Mobile Wallet Interoperability Soon
While the mobile wallet industry is emerging at an impressive pace in India, it now is looking actively for the Reserve Bank of India to release interoperability guidelines for the industry.
Notably, RBI's master directions on Mandatory KYC compliance (Issuance and Operation of Pre-paid Payment Instruments) that came in October 2017 had proposed digital wallets to become interoperable within six months. However, the following discussions with stakeholders had postponed the decision. If sources are to be belived RBI is now determined to bring wallet interoperability rules in a month with a delay of two months after the deadline
A report quoting bankers published by ET said,
The National Payments Corporation of India (NPCI) has already cleared the safety security aspects of taking wal...