Inter-operability of Wallets
----------------------------
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.in/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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