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Daily Briefing

Mobile wallet companies step closer to offer card payment facility

Jan 4, 2019 by The Passage Team
Mobile wallet companies step closer to offer card payment facility

Mobile wallet companies in India have received briefing from the major card networks on the integration process for interoperability, moving a step closer to offering customers the facility of card payment through mobile wallets.

The persons cited earlier told ET that Visa, MasterCard and RuPay had held meetings with the prepaid payment instruments (PPI) licence holders in the middle of December on the integration process and the technological and other requirements for issue of interoperable payment instruments.

Implementation of ‘interoperability’ requires technical compatibility to enable a payment system to be used in conjunction with other payment systems. While the timeline for its rollout is yet to be decided, industry executives have said that it will take at least six months.

Source: Economic Times​

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