Mobile wallets could soon function like bank accounts. Check details

The RBI has announced that it is mandatory for all operating prepaid payment instruments such as mobile wallets and prepaid cards to be interoperable. This will help mobile wallets function like bank accounts. Here's how:

The Reserve Bank of India (RBI) on Wednesday said it is mandatory for all prepaid payment instruments (PPIs) such as mobile wallets and prepaid cards to be interoperable. This indicates that mobiles wallets will soon be able to function like bank accounts as they will be allowed to transfer and receive funds. This is beneficial for customers who use bank accounts and mobile wallets. With mandatory interoperability, a customer will be able to transfer money from a wallet to a bank account and also from one company’s wallet to another. The central bank also announced yesterday that the outstanding balance amount in PPI can now be Rs 2 lakh instead of Rs 1 lakh.