When the Reserve Bank of India (RBI) issued a notification on interoperability of wallets in October 2018, many saw it as a move that will allow fund transfer between wallets. Many anticipated that users will be able to transfer money from, say, Paytm to PhonePe , and vice-versa. But financial technology companies have taken this feature beyond its simple utility and are introducing innovative products that offer convenience to consumers. According to the RBI notification, the interoperability of wallets had to happen in three stages. One, wallet companies would join the Unified Payments Interface (UPI). Two, wallets would be able to transfer money to bank accounts on UPI, and three, wallet companies will be allowed to issue prepaid Rupay cards. It’s the prepaid card that fintech firms are using to come up with new offerings in loan and payments space. Let’s take a look at them. CHOOSE YOUR CREDIT LIMIT AND TENURE At present only two wallet compan...
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