INSUBCONTINENT EXCLUSIVE:
Digital payments are projected to grow five-fold to about $1 trillion by 2023.The Reserve Bank of India on Tuesday laid out guidelines that
would allow for seamless payments between different mobile wallets, in a move that could further boost the use of digital payments in the
country.Mobile wallets such as the one run by SoftBank and Alibaba-backed Paytm have become popular in in the country after a ban on
high-value currency in late 2016 pushed people to pay digitally
Mobile wallets currently do not allow users to send or receive money from a wallet run by another firm.Digital wallet companies, if they so
desire, can now use a state-backed payments network that makes peer-to-peer payments instant, to make wallets inter-operable, the Reserve
Bank of India said on Tuesday."It's going to increase the growth rate of digital payments in even faster and, of course, create more
business opportunities," said Upasna Taku, co-Founder of fintech firm MobiKwik, which operates a wallet.Digital payments are projected to
been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
