Reserve bank of India norms to facilitate payments between mobile wallets using UPI

Posted on:18 Oct 2018 13:03:47
Reserve bank of India norms to facilitate payments between mobile wallets using UPI
18 October 2018 Current Affairs: The Reserve Bank of India (RBI) on released guidelines to facilitate payments among different mobile wallets, a move aimed at promoting digital transactions.

The interoperability would be achieved in a phased manner such as interoperability of PPIs issued in the form of wallets through UPI, between wallets and bank accounts through UPI, and interoperability for PPIs issued in the form of cards through card networks.

UPI is a payments system launched by the National Payments Corporation of India in August 2016. It facilitates instant fund transfer between two bank accounts on the mobile platform, without having to provide any detail of the beneficiary’s bank account.
The Reserve Bank of India (RBI) on released guidelines to facilitate payments among different mobile wallets, a move aimed at promoting digital transactions.

The interoperability would be achieved in a phased manner such as interoperability of PPIs issued in the form of wallets through UPI, between wallets and bank accounts through UPI, and interoperability for PPIs issued in the form of cards through card networks.

UPI is a payments system launched by the National Payments Corporation of India in August 2016. It facilitates instant fund transfer between two bank accounts on the mobile platform, without having to provide any detail of the beneficiary’s bank account.

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