Do you have multiple mobile wallets such as PhonePe, Paytm, Mobikwik or others? Come April 2022, you will be able to transfer money to and receive money from different wallets.
The Reserve Bank of India on Thursday issued directions making interoperability of prepaid payment instruments (PPI) like mobile wallets mandatory, especially where a full KYC (know your customer) has been completed.
“It shall be mandatory for PPI issuers to give the holders of full-KYC PPIs interoperability through authorised card networks (for PPIs in the form of cards) and UPI (for PPIs in the form of electronic wallets). The interoperability shall be enabled by March 31, 2022,” the central bank said.
However, it clarified that PPIs for mass transit systems will be exempted from such interoperability, while Gift PPI issuers will have the option to offer interoperability.
Furthermore, the RBI has also looked to incentivise PPI users to get their full KYC completed by raising the maximum amount outstanding in respect of full-KYC PPIs to Rs 2 lakh from Rs 1 lakh.
Cash withdrawal will also be permitted for full-KYC PPIs issued by non-bank PPI issuers as well. However, there will be a maximum limit of Rs 2,000 per transaction and an overall limit of Rs 10,000 per month per PPI, RBI said.
Also, all cash withdrawal transactions performed using a card or wallet will have to authenticated by an additional factor of authentication like a PIN-code. PPI issuers offering such facility will have to put in place proper customer redressal mechanisms.
The central bank has also rationalised cash withdrawal limit from point of sale terminals using debit cards and prepaid cards issued by banks in India. So, just like limits for cash withdrawals for PPIs, there will be a cash withdrawal limit of Rs 2,000 per transaction and a monthly limit of Rs 10,000 across all locations, for withdrawals from POS using debit or prepaid cards.
