Mobile Wallets May Soon Act Like Bank Accounts Check Details

   The Reserve Bank of India (RBI) announced on Wednesday that it is mandatory for all Prepaid Payment Instruments (PPIs) such as mobile wallets and prepaid cards will interoperable. . This indicates that mobile wallets will soon be able to act like bank accounts as they will be allowed to transfer and receive funds.

   This will be  beneficial for customers who use bank accounts and mobile wallets. With mandatory interoperability, a customer will able to transfer money from wallet to bank account and from one company's wallet to other one.

   The central bank has introduced  PPI issuers, card networks, white-label ATM operators and Trade Receivables Discount System (TReDS) platforms to the central payment systems – Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT).

   The central bank has  also announced yesterday that the outstanding balance in PPI can now be Rs 2 lakh instead of Rs1 lakh.

  In addition, customers will be able to use mobile wallets to withdraw cash and at point-of-sale terminals. This facility was till now is only available for wallets issued by banks. According to experts, all these facilities will help in enhancing the digital payment infrastructure. Such facilities can only be availed by those who have completed their full KYC with PP issues.

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