Business Line ( 04 May , 2018 ) carries following news
:
The Reserve Bank of India is likely to
unveil this month the final guidelines for digital wallets
to be interoperable. The banking regulator also wants the wallet players to
integrate the functions and procedures by the end of June.
“The final guidelines on interoperability are likely to come
this month. The RBI is working with the NPCI (National Payments Corporation of
India) and a few other groups to frame the guidelines, but these are complex
processes and systems and everyone wants to be 100 per cent sure before the
final roll-out. Technology has to be tested, and hence, it is taking time,”
said a banker requesting anonymity.
The RBI, in its master directions for prepaid payment
instruments (PPIs), had proposed the idea of interoperability among digital wallets
within six months, following which digital wallets present in the ecosystem will
be able to interact or transact with each other.
At present, a user of a wallet, such as Paytm, can only send or
receive money through another Paytm account. Once wallets become interoperable,
users will be able to transact with each other, irrespective of the platform
they have subscribed to.
Sources said that the RBI wants to test out the whole process
with 10 digital wallets initially, and added that the central bank wants to
make the NPCI the “centre of switch” for all kinds of transactions.
Congratulations , RBI !
To overcome any resistance to this excellent idea, either from the
bankers or from users of Mobile Wallets,
I suggest that the advantages of this reform , as highlighted below , be
widely publicized / debated :
Source :
A Matter
of Time [ 03 Jan 2017
]
https://myblogepage.blogspot.com/2017/01/a-matter-of-time.html
* All bank accounts of a person ( in different banks ) become inter-
operable / fungible ,
through seamless
interlinking , using Aadhar / UPI Interface in a Mobile Wallet .
No need to " select
" a particular bank name
* All transactions using a
Mobile Wallet, automatically entered in BLOCK-
CHAIN database commonly shared by ALL banks
* Wallet based algorithm will move funds across different bank accounts for
best yield ,
constantly searching for
best interest rates offered by banks on Fixed Deposits
This will happen
automatically , much like algorithm-based share trading , taking
advantage of price
differences in two bourses located 300 km apart ( in one
thousandths
of a second ! )
No rocket science here
considering availability of " BEST PRICE " apps for thousands of
goods and services
And since computing
power of mobiles are doubling every 18 months ( Moore's Law ),
nothing will stop algotrading through a Mobile Wallet as
well ( Demat A/C on Wallet ? )
* Of course , future Mobile
Wallets will subsume within itself , ALL AUTOMATIC
PAYMENT APPS , using which ( individually ) , currently I make following
digital
payments :
#
Property Taxes / Locker Fees / Housing Society Charges / MTNL bill
#
Mahanagar Gas / Tata Power / YOU broadband / Vodafone / TATA Sky TV etc
I expect , a future
Mobile Wallet to take care of ALL my periodic
dues, automatically
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