The Reserve Bank of India (RBI), the country’s central bank, has issued the final set of guidelines for new rules designed to enable mobile wallet users to easily make payments and transfer funds to users of competing mobile wallet services... More
Master Direction on Issuance and Operation of Prepaid Payment Instruments — Reserve Bank of India — “The Master Direction lays down the eligibility criteria and the conditions of operation for payment system operators involved in the issuance of semi-closed and open system PPIs [Prepaid Payment Instruments] in the country. All entities approved/authorised to operate payment systems involving the issuance of PPIs shall comply with these directions.”
Statement on Developmental and Regulatory Policies — Reserve Bank of India — “In line with the Vision for Payment and Settlement Systems in the country, the revised framework will pave the way for bringing interoperability into usage of PPIs [Prepaid Payment Instruments]. Interoperability amongst KYC-compliant PPIs shall be implemented within six months of the date of issuance of the revised Master Directions, which will be issued within a week, ie by October 11, 2017.”
PayPal has applied for a prepaid payment instrument (PPI) licence from the Reserve Bank of India (RBI) to enter the mobile wallet space in the country, according to the Economic Times... More
