RBI to launch UPI
Posted on: 14/Mar/2017 3:51:52 PM
The government’s digitization campaign is all set to mark a new milestone. A new Unified Payment Interface will soon be launched by the RBI. With this, all the digital wallets including Paytm and MobiKwik will become interoperable.
RBI will soon release guidelines in this regard. There will also be know your customer norms for these digital wallet companies, according to reliable sources.
Transferring funds between these mobile wallets will be priced in the name interchange fees, the RBI states.
One of the trusted sources said that the RBI is avid about introducing interoperability between wallets. In two or three months from now, this can be expected. The digital wallets can gain access to UPI network and enable bank to bank transactions via partner banks.
What is this direct access?
It means a PhonePe or MobiKwik user can transfer money to other mobile wallet or merchant like FreeCharge of Paytm. Thus, the usability will get widened.
Digital wallets are largely in use. The UPI has just started allowing funds transfer across banks and gaining huge attraction due to immense campaigning on transforming India into a digital economy.
The government also stresses on payment platforms based on Aadhar numbers and QR codes.
