Digital Wallet: Users will be able to easily transfer money from one digital wallet to another wallet (Digital Wallet) without any hassle.
Users using Digital Wallet are going to get new facility soon. Users will be able to easily transfer money from one digital wallet to another wallet (Digital Wallet) without any hassle. For example, if you are using Digital Wallet of Paytm and you have to transfer money from this to PayPal wallet, then you will be able to do it easily. There will be nothing to do with the service provider. Once the RBI’s proposal for interoperability comes into force, you will be able to transfer money to different wallets (Digital Wallet). It works like a wallet-to-bank or bank-to-wallet or bank-to-bank transfer.
For this, Reserve Bank of India Governor Shaktikanta Das has made several new announcements after the credit policy. Some of these announcements are for digital payment wallet (Paytm, PhonePe-Mobikwik and Amazon Pay) users.
Can withdraw cash from digital wallet
Now you will soon be able to withdraw cash from digital wallets like Paytm, Mobikwik and prepaid cards of non-bank entities. People will soon get permission to withdraw cash from non-bank entities. However, the condition is that the customer has completed the KYC process. At present, cash withdrawal is allowed only to KYC compliant PPIs (Credit / Debit Cards) issued from banks. PPI refers to a prepaid payment instrument.
There are three types of PPI instruments
Digital wallets such as PPI instruments allow the purchase of goods at store value. According to the RBI website, there are three types of PPI instruments. These include closed system PPI, semi closed system PPI and open system PPI. In the country, Paytm, Mobikwik, Payu etc. come in semi-closed wallets. Currently cache withdrawal is allowed only with open system PPI. These include debit cards and credit cards.
Other financial institutions will also provide NEFT facility
Reserve Bank of India has announced that apart from banks, other financial institutions will also provide NEFT (National Electronic Fund Transfer) and RTGS to the people. To promote digital payments, non-banks like Fintech and Payment Bank can quickly offer RTGS and NEFT facility.
