Now it will be easy to transfer money from one mobile wallet to another. The RBI has announced this in the meeting of the Monetary Policy Committee on Wednesday.
Complete information about this will be released by the RBI.
Very soon you will be able to transfer money from one mobile wallet to another mobile wallet. For this, you do not have to worry about who is the service provider of your mobile wallet. This is going to be possible because the Reserve Bank of India has made a special announcement after the monetary policy meeting today. The monetary policy committee of RBI today said that if the KYC requirements have been met, mobile wallets can facilitate interoperability.
At present, there are very few mobile wallet operators who allow funds to be transferred to each other’s platforms. This is why many times this happens when you have money in your mobile wallet but you cannot transfer it to anyone else.
However, service operators offer the facility to transfer money from one wallet to another on their platform. For example, you can transfer money between Paytm to Petef or PhonePe to Phone.
How to transfer money between two mobile wallets now?
However, currently UPI is also used to transfer money from a mobile wallet. It works as a wallet-to-bank, bank-to-wallet or bank-to-bank transfer. But, after the new announcement by RBI, you can transfer money from any wallet to another wallet. If you understand as an example, you can transfer money from Paytm Mobile Wallet to PhonePe Wallet users as well.
Outstanding balance limit also increased
Let us tell you that in order to increase compliance with anti-money laundering rules in prepaid payment instruments, RBI has also made some special announcements. The central bank has said that the outstanding balance limit is being increased from Rs 1 lakh to Rs 2 lakh for accounts that meet KYC requirements. RBI Governor Shaktikanta Das has given this information in the press conference after the meeting of monetary policy today. He also said that in the coming time, full detailed guidelines will be issued by the central bank in this regard.
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