Currently, the number of such mobile wallet operators is very low. Now this service is going to be even easier. There is no need to see what service the other person is using to transfer money from one mobile wallet to another. The RBI has made a special announcement after the Indian Credit Policy meeting. The RBI’s Monetary Policy Committee has said that mobile wallets can facilitate interoperability if KYC requirements are met.
Currently UPI is also used to transfer money from mobile wallet. It acts as a wallet-to-bank, bank-to-wallet or bank-to-bank transfer. But, after the new announcement of RBI, you can transfer money from any wallet to another wallet. For example, you can transfer money from Paytm Mobile Wallet to PhonePay Wallet user.
The RBI has also made some special announcements to increase compliance with anti-money laundering regulations in prepaid payment instruments. The central bank has increased the arrears limit for accounts meeting KYC requirements from Rs 1 lakh to Rs 2 lakh.