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FILE PHOTO: A Reserve Bank of India (RBI) logo is apparent at the access aboideau of tts address in Mumbai, India June 7, 2017. REUTERS/Shailesh Andrade/File Photo
MUMBAI (Reuters) – The Reserve Bank of India on Tuesday laid out guidelines that would acquiesce for seamless payments amid altered adaptable wallets, in a move that could added addition the use of agenda payments in the country.
Mobile wallets such as the one run by SoftBank and Alibaba-backed Paytm accept become accepted in India afterwards a ban on high-value bill in backward 2016 pushed bodies to pay digitally. Adaptable wallets currently do not acquiesce users to accelerate or accept money from a wallet run by addition firm.
Digital wallet companies, if they so desire, can now use a state-backed payments arrangement that makes peer-to-peer payments instant, to accomplish wallets inter-operable, the Reserve Bank of India said on Tuesday.
“It’s activity to access the advance amount of agenda payments in India alike faster and, of course, actualize added business opportunities,” said Upasna Taku, co-Founder of fintech close MobiKwik, which operates a wallet.
Digital payments in India are projected to abound five-fold to about $1 abundance by 2023, according to Credit Suisse.
Reporting by Sankalp Phartiyal; Editing by Euan Rocha
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