Now You May Transfer Fund Within eWallets

Fund Transfer Between eWallets – Reserve Bank of India (RBI) may soon permit the interoperability within eWallets as like transfer of funds between one eWallet to another i.e. users may transfer funds from PayTm eWallet to PhonePe or vice versa.

RBI may issue the guidelines within a month from now after few final issues before releasing operational guidelines. The National Payments Corporation of India (NPCI) has already cleared the safety security aspects of taking wallets onto the inter-operable platform.

Read – Why Transfer of Funds Between Mobile eWallets Bad for Banks ?

Interoperability allows transactions between digital wallets.

RBI has made Know Your Customer (KYC) as mandatory requirements for eWallets companies for their customers. The interoperability allows eWallet companies systems almost at par with bank payment applications and Unified Payment Interface. 

Earlier, RBI had said that once mobile wallets adopt a common standard, interoperability would be introduced in phases starting with all full-KYC wallets. 

Many of eWallet companies have already moved on to the inter-operable system of UPI by becoming third-party service providers for banks like Paytm, MobiKwik, FreeCharge have all joined the UPI platform. Paytm is already a payment bank and have access to UPI.