Soon you will be able to send money from one digital wallet to another wallet on mobile without UPI. The monetary policy announced by the RBI on Wednesday proposes to make interoperability mandatory for full KYC prepaid payment instruments. The central bank has also proposed to increase the outstanding deposit limit in full KYC PPI from Rs 1 lakh to Rs 2 lakh.
Currently, only a few companies are allowed interoperability under RBI rules. This is because in most cases, the money kept in the wallet can be transferred to a single platform. For example, Paytm to Paytm or PhonePay to PhonePay can only be transferred. Although you can transfer money through UPI from the wallet linked to your bank account, it can be done from one wallet or bank to wallet or from one bank to another bank.
With RBI’s interoperability proposal, you can transact money between different wallets. That is, Paytm users can transfer money to PhonePay Wallet user. To promote compliance with anti-money laundering in prepaid payment instruments, the central bank has also proposed to increase the outstanding deposit limit in full KYC PPI from Rs 1 lakh to Rs 2 lakh. Das said the move was taken to encourage PPIs to move to full-KYC. The central bank will issue necessary guidelines in this regard.