RBI issues e-wallet interoperability advice: How it will alter the industry

Enables money transfer between wallets in first phase, with banks in second and through cards in third; 4-5 wallet players already in a testing phase

The Reserve Bank of India (RBI), on Tuesday, issued guidelines for interoperability of e-wallets, which will allow transfer of money from one wallet to another. 

While the RBI, in its master direction in December 2017, had said it would enable full interoperability, the industry was awaiting the final rules. 

Bipin Preet Singh, chief executive officer (CEO) of e-wallet company Mobikwik, said, “Wallets have always been treated as second cousins in the payments ecosystem. 
 

Wallets were previously close-looped ecosystems. You will soon be able to transfer money from Mobikwik to any other wallet or bank. This basic interoperability has brought us on a