In a move to boost digital payments in India, the Reserve Bank of India on Tuesday has laid out guidelines that will allow seamless payments between various mobile wallets.
Mobile wallets such as PayTM has gained immense traction post demonetization in 2016, which has pushed India towards a digital economy. However, to this date, users are not allowed to transact across all the wallets prevalent in the Indian marketplace.
As per sources, the digital payment is expected to grow five-fold to about $1 trillion by 2023. With this move, an interoperable model of transaction across all the wallets – owned by different firms – will be created, thereby allowing further enhancements in the mobile payment space.
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“Digital wallet companies, if they so desire, can now use a state-backed payments network that makes peer-to-peer payments instant, to make wallets inter-operable,” read a statement from the Reserve Bank of India.
“It’s going to increase the growth rate of digital payments in India even faster and, of course, create more business opportunities,” said Upasna Taku, co-Founder of fintech firm MobiKwik, which operates a wallet.