You Will Soon Be Able To Transfer Money From One Mobile Wallet To Another
Currently, a mobile wallet does not allow its users to send or receive money from another wallet company. Back in 2017, the RBI said that the interoperability, which allows the transfer of funds between two mobile wallets would be permitted and only guidelines were awaited. These guidelines have now been released. The RBI said in its circular that the wallets could implement interoperability through the Unified Payment Interface (UPI). With these guidelines, the prepaid payment instruments (PPIs) or wallets such as Paytm, Freecharge, Mobikwik, PhonePe, and PayZapp, among others, will allow users to transfer money from one wallet to another....