On 16 October, the Reserve Bank of India (RBI) issued new guidelines to allow interoperability for closed wallets. It is a prominent move from RBI\u2019s side that enables a seamless transfer of funds amidst numerous mobile wallets like PhonePe and Paytm. The new guidelines stimulated companies and created an equal opportunity for closed wallets which operate without payments banks and payment bank licenses. The mobile wallet interoperability seems to be a significant upgrade that would facilitate a smooth transaction between the users of different wallet companies. However, soon after the issue of RBI guidelines, payment banks that possess the license to drive digital payments in India feel a sense of threat for their business. It results in the starting of an undeclared war among the payment banks and mobile wallet companies.<\/p>\n\n\n\n
Since over 49 non-bank mobile wallet companies in India are struggling to sustain a position in the market, the RBI new norms provide act as a ray of hope. As per the Credit Suisse report, India\u2019s e-payment ecosystem shall flourish at a rapid pace with an estimated growth of five times to $1 trillion by the year 2023.<\/p>\n\n\n\n
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