Reserve Bank of India might take up to a month to release the interoperability guidelines for the mobile wallet industry. Interoperability allowing transactions between digital wallets will bring a paradigm shift in the way digital transactions are carried out in the country. Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple stepsAlso Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your money
The mobile wallet industry has been waiting for a common guideline for interoperability for sometime now. With mobile wallet players having already carried out mandatory Know Your Customer (KYC) requirements for their customers, the RBI could be waiting for all wallet players to build similar technical capabilities. Also Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
“The National Payments Corporation of India (NPCI) has already cleared the safety security aspects of taking wallets onto the interoperable platform. The RBI is ironing out a few final issues before releasing operational guidelines; this is expected to happen within a month from now,” one banker familiar with the development told ET.
The industry players have been waiting for interoperability and transparency around the norms for quite sometime. It is seen as a big boost for the industry. Back in October, RBI proposed digital wallets to become interoperable within six months. It planned to introduce interoperability in phases starting with a full-KYC wallets once mobile wallets adopted a common standard.
“It has been almost eight months now, and we have yet to get the guidelines under which we start making our systems interoperable. We understand that the guidelines are expected to be released very soon, but the question is when is soon enough,” CEO of a payments company told ET.
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Once RBI releases its guidelines for interoperability, the mobile wallet players might take another three to six months to stabilize on the new platforms before bringing support for services to talk to each other. While the mobile wallet players have been building walled gardens around their services, the interoperability guidelines will lead to close co-operation in the industry.