It's too late to save the wallets

By Arundhati Ramanathan in BFO #259, 08 Apr, 21

Yesterday, India’s central bank, the Reserve Bank of India, in an unexpected largesse, moved to resuscitate prepaid instruments like wallets. It said PPIs can now do three things.

  1. Wallets can hold as much as Rs 2 lakh (US$2,700) compared to Rs 1 lakh (US$1,350) earlier
  2. Cash withdrawals from even the non-bank prepaid instruments via point of sale (PoS) terminals and ATMs
  3. Interoperability, or the transfer of money from one wallet to another 

The idea of these measures was to make PPIs more user-friendly and improve the payments infrastructure in tier-3 towns and beyond.