Boon or bane?

A look at what mobile wallet interoperability means for stakeholders

Pre-paid instruments: Pre-paid instruments (PPIs) is not a new concept, but its combination with available technology has created a powerful product-mobile wallets. These are easy to use, secure and have recently gained a lot of popularity. The Reserve Bank of India (RBI) has encouraged alternate payment mechanisms to achieve its financial inclusion goals, especially for payment requirements of the small and medium-sized enterprises, the unorganised sector, low-income households, farmers and migrant workers. Currently, the mobile wallets exist in silos with wallets not communicating with each other, causing several inconveniences to end-users.

Interoperability can simply be understood as this: If a