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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...

United payments system to make mobile wallets redundant: Report The report, by city-based Centrum Broking, stated that   mobile wallet   services like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and standalone operator Paytm will be redundant with the massive adoption of the UPI. "Mobile banking has taken the country by storm, growing by 212% growth in value terms in February 2016 over the same period in 2015 and by 131% in volume. "If the UPI adoption continues mobile wallets like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and Paytm will be redundant," a Centrum Broking said in a report titled- 'Banking Transactions - Technological Disruption'. The report attributed the RBI push to adopt UPI as an effort to lower the cash economy. Quoting RBI data, the report said the cash floating in the system is about 18% of the GDP, making the country one of the most cash-dependent economies in the world. "T...