Using UPI you can now transfer money between mobile wallets

Now transfer money between mobile wallets using UPI

The Reserve Bank of India has issued final guidelines to allow interoperability for prepaid payment instruments, such as mobile wallets

               
The Reserve Bank of India (RBI) said that in cases where PPIs are issued in the form of wallets, interoperability across PPIs shall be enabled through unified payment interface (UPI).
Users of mobile wallets may soon be able to transfer funds from one wallet to another, with the Reserve Bank of India (RBI) releasing rules for the same. The rules on interoperability of prepaid payment instruments (PPIs) do not force PPIs such as wallets to permit such transfers; instead, these guidelines are for “participating PPI issuers, who choose to adopt interoperability”.
Interoperability allows compatibility between payment systems and once implemented, a user will be able to transfer funds between wallets and also from their wallets to bank accounts.
UPI is a payments system launched by the National Payments Corporation of India in August 2016. It facilitates instant fund transfer between two bank accounts on the mobile platform, without having to provide any detail of the beneficiary’s bank account. KYC is a process through which financial institutions verify information about customers.
RBI also said card networks are allowed to on-board PPI issuers to join their network and non-bank PPI issuers are permitted to participate as members/associate members of authorized card networks. PPI issuers, RBI said, shall act as payment system providers (PSP) in the UPI. The National Payments Corporation of India (NPCI) will issue handle to the PPI issuers after taking risk management aspects into consideration. “PPI holders shall be on-boarded for UPI by their own PPI issuer only. PPI issuers shall only link their customer wallets to the handle issued to them and PPI issuers as PSP shall not on-board customers of any bank or any other PPI issuer,” it said.
Last October,RBI issued directive to banks which was to be enabled in a phased manner. It had also said that operational guidelines on this would be issued separately.

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