Money lying idle in different mobile wallets? Here’s why RBI’s interoperability rule is the best thing for you

Mobile wallet interoperability will allow customers to send and receive money from various mobile wallets. 

New Delhi: The Reserve Bank of India has ordered all major payment platforms such as PhonePe, Paytm, and Mobikwik, among others, to enable mobile wallet interoperability for their customers from FY23 i.e. from April 1, 2022.  With the decision, the central bank is aiming to simplify digital banking in the country. The rule will be applicable on all licensed prepaid payment instruments (PPIs), including mobile wallets and prepaid cards.  What does wallet interoperability mean?    Mobile wallet interoperability will allow customers to send and receive money from various mobile wallets. Using the facility, you will be able to send your money from one wallet to another with just a few clicks. However, only KYC verified users will be able to leverage the facility.