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We all would agree that the digital wallets such as Paytm, Mobikwik, and PhonePe have reduced the dependability of public on cash. These digital wallets allow a user to make payments or transfer money from one account to another with just a tap. Moreover, these digital wallets also offer cashbacks and other offers while making a transaction which is like an added benefit for the users. However, until now transactions made between two different digital wallets was not an easy process and a user has to go through a number of steps in order to do so.
Now, it seems that the situation is soon going to change as the RBI (Reserve Bank of India) will soon be releasing some guidelines which will allow interoperability between the digital wallets. According to some reports from Economic Times, the NPCI (National Payments Corporation of India) has released its recommendation on the matter and the RBI is "leveling out" a number of issues related to the same.
The "interoperability" is said to be the next step that will offer a seamless ecosystem of digital payments which will allow more users to opt for digital transactions. As RBI has already instructed all the users to complete their KYC in order to use their payments bank and digital wallets without any issue, all the wait now is for the companies to come up with such technology.
According to some experts who are familiar with the matter says that this feature will also allow a fair use of trade and competition among the app manufacturers. The digital wallet companies believe that this decision by the RBI might have a positive impact on their business and will boost their business. The companies believe that this measure will help dampen the effects of KYC norms which have resulted in a decline in their user base. This will help the digital wallets to bring the traditional wallets and UPI on the same page.
Back in October 2017, RBI had made an announcement that it will circulate the guidelines within "six months" which is already past the deadline by two months. However, sources reveal that the guidelines will be available within a month.