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Inter-operability to help players increase business To make the use of digital cash more prevalent and convenient, a digital wallet user would soon be able to accept cash from the user of another   Ewallet , because of the Reserve Bank of India (RBI) tweaking its guidelines. Current Affairs News   : For example, a Paytm wallet user would soon be able to accept cash from a PhonePe wallet user. Opening up the strings of digital wallets, the RBI on Wednesday said it would issue revised directions by October 11 to allow “inter-operability” among prepaid payment instruments (PPIs). These include digital wallets, prepaid cash coupons and prepaid telephone top-up cards. PPIs are a substitute for paper currency. It is expected that PPIs can inter-operate within six months of the revised directions, the RBI said in its “Statement on Developmental and Regulatory Policies”. ALSO READ:   RBI pauses, revises growth forecast down sharply The RBI said the f...

The growth of digital payment services is fueled by introduction of apps and services by the NPCI As India leaps toward a digital economy, the adoption of digital payment platforms is on the rise as well. Before the demonetisation drive, which started on November 8, 2016, there were a handful of digital wallet services -- PayTm, FreeCharge and MobiKwik. But, none of them offered comprehensive   digital payments   structure and had their own limitations. As the government shifts focus toward cashless society, it also pushed a bouquet of digital payment options in the form of apps and USSD services like BharatQR code, Unified Payments Interface (UPI), BHIM app, and National Unified USSD Platform. These services were introduced alongside existing banking services such as internet banking, mobile banking and immediate payment service (IMPS). Let’s take a look at these digital payment options and how they function: BharatQR code BharatQR code is a National Payments Corporat...

The move comes after govt reviewed the situation post demonetisation of 500 and 1,000 rupee notes To encourage widespread usage of digital payments post demonetisation, the government on Wednesday said no transaction charges will be levied on debit cards till December 31. All public sector banks and some private sector ones have agreed to waive the transaction cost for all payments made through   Debit Card Payments , Economic Affairs Secretary Shaktikanta Das said. The move comes after the government reviewed the situation post demonetisation of 500 and 1,000 rupee notes and decided to encourage digital payments. "Public sector banks and some of the private sector banks, and some of the service providers who provide switching services, have agreed to waive the service charges on the use of debit cards up to December 31, 2016," Das said. As of now, Rupay debit cards have already waived the switching charges. Other debit cards which operate international card net...