Most of the mobile wallets to be interoperable from April 2022
By MYBRANDBOOK
The Reserve Bank of India has issued a circular asking all licensed prepaid payment instruments (PPIs) or mobile wallets such as PhonePe, Paytm, Google Pay and Mobikwik, to be interoperable from FY23. Hence, with the beginning April 2022, a mobile wallet user, who is fully vetted and has fulfilled all KYC norms, will be able to send and receive money from various mobile wallets.
The central bank added that for card-based PPIs, this can be accomplished through card network interoperability and for e-wallets via the UPI. The mobile wallet user, who is fully vetted and has fulfilled all KYC norms, will be able to send and receive money from various mobile wallets. Besides, the central bank stated that for card-based PPIs, this can be accomplished through card network interoperability and for e-wallets via the UPI (Unified Payments Interface).
PPI for Mass Transit Systems (PPI-MTS) will remain exempted from interoperability whereas GIFT PPI issuers have the option to offer interoperability. Furthermore, mobile wallets can also be used for cash withdrawals up to INR 2,000, the circular stated, adding that the wallet limit has also been expanded to move from INR 1 lakh to Rs.2 lakh.
Currently, cash withdrawal is permitted only for full-KYC PPIs issued by banks, such as debit and credit cards. However, under the new rules, a prepaid card or payment wallet can now be used to withdraw cash at ATMs, micro-ATMs, and eligible POS depots.
Presently, cash withdrawal is permitted only for full-KYC PPIs issued by banks, such as debit and credit cards. However, under the new rules, a prepaid card or payment wallet can now be used to withdraw cash at ATMs, micro-ATMs, and eligible PoS (Point of Sale) depots.
Happiest Minds brings in an innovative GenAI chatbot
Happiest Minds Technologies has announced the new GenAI chatbot - ‘hAPPI...
Government mandates encryption for CCTV cameras to ensure netw
In the wake of issuing an internal advisory on securing CCTV cameras at g...
TRAI recommends allowing only Indian entities to participate i
The Telecom Regulatory Authority of India (TRAI) has recommended that onl...
Galaxy AI is available on more devices with Samsung One UI 6.1
Samsung has expanded the range of smartphones to which One UI 6.1 and Gala...
VERSA NETWORKS INDIA PVT. LTD.
FINOLEX INDUSTRIES LTD.
SAMSUNG INDIA ELECTRONICS PVT. LTD.
AMARA RAJA POWER SYSTEMS LTD.
Technology Icons Of India 2023: Sridhar Vembu
Sridhar Vembu is an Indian billionaire business magnate and the Founde...
Technology Icons Of India 2023: Rajiv Srivastava
Rajiv Srivastava is the Managing Director of Redington Group. With 35 ...
Technology Icons Of India 2023: Honorary Prof. N. Balakrishnan
Prof. N. Balakrishnan is an Indian aerospace and computer scientist. H...
C-DAC keeps India ahead in IT & Electronics R&D space
Centre for Development of Advanced Computing (C-DAC) is the premier R&...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
SAVEX TECHNOLOGIES PVT. LTD.
Savex Technologies is the 3rd largest Information & Communication Tec...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...
SUPERTRON ELECTRONICS PVT. LTD.
Supertron deals in servers, laptops, components, accessories and is a...