Banks to lock horns with non-banks on PPIs

One can expect the overall business model to improve and also be a genuine convenience for the fully KYC-ed consumer

The need for interoperability for prepaid payment instruments (PPI) was felt almost a decade back around 2010, and I say this based on the field experience as one of the earliest licensed players in the country. The priority then was getting the newbie PPIs access to the National Payments Corporation of India so that the basic functionalities of account-to-wallet, wallet-to-account and person-2-merchant type transactions could be initiated to ease loading up, using the wallet to remit-transfer to an account and create traction for the new payment instrument.

This was predicated by banks being heavily invested in PPIs after initially seeing fintechs