Recently RBI (Reserve Bank of India) gave directions for the company that provide Digital wallet and Prepaid Cards that Interoperable facility should be in function till March 31- 2022.
Due to This Action of RBI you will be able to send and receive money across different mobile wallets if you have completed KYC verification. This is done through authorized card networks for card-based PPIs and UPI for e-wallets.
RBI issued a notification which says "It shall be mandatory for PPI issuers to give the holders of full-KYC PPIs (KYC-compliant PPIs) interoperability through authorized card networks (for PPIs in the form of cards) and UPI (for PPIs in the form of electronic wallets)”
Along with inter-operation you will be able to use a prepaid card or wallet for withdrawing cash at ATMs, micro-ATMs, and eligible Point of Sale terminals soon. For cash withdrawal, full-KYC PPIs issued by non-bank PPI issuers have a maximum limit of Rs. 2,000 per transaction and a limit of Rs. 10,000 per month. These transactions will require an additional factor of authentication.
Under Notification it is also mentioned that Limit enhanced from 1 Lakhs to 2 Lakhs INR for customer of full KYC compliant of Digital wallet user.
RBI has also placed some security measures in to avoid fraud. “PPI issuers shall put in place suitable cooling period for cash withdrawal upon opening the PPIs or loading / re-loading of funds into PPIs to mitigate the risk of fraudulent use of PPIs,” as per the circular.
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