Rbi Wants Digital Wallets Prepaid Cards To Be Interoperable By March 31 2022

The Reserve Bank of India (RBI) has today made it mandatory for prepaid payment instruments (PPI) to ensure interoperability by March 31, 2022. This includes mobile wallets from popular UPI apps such as PhonePe, Paytm, and even prepaid cards.

What does this mean for users of digital payment platforms in India? Going forward, you will be able to send and receive money across different mobile wallets if you have completed KYC verification. This is done through authorized card networks for card-based PPIs and UPI for e-wallets.

Meanwhile, RBI has also put some security measures in place to avoid fraud. “PPI issuers shall put in place suitable cooling period for cash withdrawal upon opening the PPIs or loading / re-loading of funds into PPIs to mitigate the risk of fraudulent use of PPIs,” as per the circular.