Interoperability across e-wallets is now a reality
RBI is set to unleash a slew of measures by opening up the UPI platform to allow interoperability among e-wallets as part of its digitisation campaign. The guidelines are likely to be issued shortly by RBI. It shall also finalize the fee structure to be levied for transfer of funds between various e-wallet service providers for accessing the UPI structure.
Presently, e-wallets are using the UPI network for transfer of funds with the help of partner banks. Interoperability between various e-wallet service providers shall allow users of two different e-wallet service providers to directly transfer funds between them without their dependence on banks. This could best be explained by an example – say a customer using Paytm could transfer funds to a merchant who is using a different e-wallet like Mobikwik.
This step taken by RBI further emboldens the digitization drive by expanding the reach of users without the involvement of any bank. However this does not mean that banks shall have no role to play because the service providers of e-wallets shall have to depend on banks for settlement and reconciliation or for that matter, issues related to grievance redressal.
Therefore it can be summed up that the government has been consistent in its policy of digitization and is looking to evolve new strategies from time to time. The day the inoperability among e-wallets begins, one thing is for sure that the user shall be the ultimate gainer as it shall be spoilt with choices for easy, secure and fast medium of fund transfers.