Thank You, Shri Shakti Kant Dasji,
[ Governor, RBI ]
Your initiative will lead to “ LESS CASH and MORE DIGITAL “ , India
If taken to its “logical conclusion “, it could justify
re-naming,
Ø “ Reserve Bank of India “ as “ Revolutionary Bank of
India “
Context :
E
Wallet may function as bank account soon
/ HT
/ 08 April 2021
Extact :
This follows the Reserve
Bank of India’s (RBI’s) decision on Wednesday to make it mandatory for all prepaid instruments (PPIs) such as mobile wallets and prepaid cards to be interoperable.
So far, it was voluntary
for PPIs to be interoperable.
Mobile wallets will soon
be allowed to transfer and receive funds, in addition to making payments, similar to
bank accounts.
The
RBI’s decision will let a customer send money from a wallet to a bank account and also from one
company’s wallet to another.
Customers
will also be able to use mobile wallets at ATMs to withdraw cash and at
point-of-sale terminals (card-swiping machines).
Currently,
only wallets issued by
banks offered a cash withdrawal facility.
“If
you put all of the announcements about PPIs together and look at the big
picture, you will realise that they will be on a par with banks for most
practical purposes,” said Ayan Agarwal, vice-president, Transcorp International
a financial services company.
Once
all the new regulations related to PPIs are in force, a student
will not need a bank account. Parents can transfer money to the
mobile wallet, which can be used to withdraw cash at ATMs or to make payments
at merchant stores.
With
wallets joining RTGS and NEFT payment systems, the student will also be able to
use the wallet to pay fees, house rent and other expenses that required making
bank transfers so far.
“If
someone doesn’t want to use a bank account for transfers or swipe cards at a
merchant location, they would be able to use their wallet,” said Agarwal.
===================================================
This is only a beginning !
It is only a matter of 2 / 3 years before this “ interoperability
“ reaches that stage which I envisaged 4 years back in my following blog :
Ø A Matter of Time ……………………[ 03 Jan 2017 ]
Extract from this blog :
Ø
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
Ø
All transactions using a Mobile Wallet, automatically entered in BLOCK- CHAIN database
commonly
Ø
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
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
Ø
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
I expect , a future Mobile Wallet to take care of ALL my periodic dues, automatically
With regards,
Hemen Parekh
/ hcp@RecruitGuru.com / 09
April 2021
=============================================
Added on 15 April 2021 :
" India cannot ignore the promise of big Blockchain innovations "
Extract :
In this world, Wall Street’s capabilities will be available to everyone, according to Balaji Srinivasan, an angel investor who was once chief technology officer at Coinbase Global, the largest US crypto exchange about to go public.
“We could turn every phone into not just a bank account but a bona fide Bloomberg Terminal,"
he writes on his blog.
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