The Reserve Bank of India (RBI), the country’s central bank, has issued the final set of guidelines for new rules designed to enable mobile wallet users to easily make payments and transfer funds to users of competing mobile wallet services.
The new rules are set out in Prepaid Payment Instruments (PPIs) — Guidelines for Interoperability, which was published on 16 October 2018.
“Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems,” the bank explains in the document.
“Interoperability allows PPI Issuers, System Providers and System Participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems.”
The regulations will cover both prepaid cards and mobile wallets and are due to be introduced in phases.