According to experts, allowing UPI to load money to e-wallets will help make the payment instrument more popular. “With interoperability coming in, it will become easier to move funds from one wallet to another and make payments. Earlier this month, the RBI mandated issuers of prepaid payment instruments to allow interoperability by March 31 2022. The process of allowing interoperability began in 2017 when RBI laid down a road map, followed by issuing of guidelines in 2018 enabling interoperability, albeit on a voluntary basis. “It is expected that wallets will be used for person-to-merchant transactions where there is convenience and some rewards to the customer.

Source: Hindustan Times May 29, 2021 02:15 UTC