For Wallet InterOperability Via UPI: KYC A Must With Net Worth Of Rs. 5 Crore

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In its bi-monthly policy review meet, apart for coming up with key policy rates, the apex body also considered other important facets that needed attention. In its continuance, on Wednesday the RBI said that within a time frame of six months time these payments wallet will be interoperable via UPI.

For Wallet InterOperability Via UPI: KYC A Must With Net Worth Of Rs. 5 Crore

For the interoperability between e-wallets and banks, compliance with the KYC norm is a must and in the subsequent phases interoperability among wallets shall be possible via cards. Also, in respect of the entities' operation as a payment wallet's company a minimum of Rs. 5 crore is to be available as net worth of the company in its last audited balance sheet.

The net worth has to increase after the third year from the date of approval to Rs. 15 crore.

For the issuers of prepaid payment instruments (PPI) the directive lays down the following guideline " to ensure adherence to the technical and operational requirements for such interoperability, including those relating to safety and security, risk mitigation."

In the first phase non-banking companies can become part of the India's organized payment gateway while in the next it allows domestic remittance to bank accounts by prepaid payment instruments (PPI).

Read more about: payments wallet, banks, rbi, upi, ppi
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