RBI issues circular making mobile wallet interoperability mandatory from 2022-2023

The Reserve Bank of India (RBI) has issued a circular stating that all licensed prepaid payment instruments (PPIs) such as Paytm, PhonePe and Mobikwik should become interoperable from financial year 2023. According to the new rule, starting April 2022, a mobile wallet user who has fulfilled all know-your-customer requirements should be able to send and receive money from different mobile wallets. For card-based PPIs, this will be achieved via card network interoperability and for e-wallets, through the Unified Payments Interface.

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