Soon, you'll be able to make card payment with m-wallets: All you must know


Soon, mobile wallet companies will be able to issue their own branded prepaid cards. According to a report in The Economic Times, mobile wallet companies in India have received a briefing from major card networks on the integration process for interoperability. 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 the issue of interoperable payment instruments. The move will propel PPIs or the wallet industry further.

Wallets were previously close-looped ecosystems.

Bipin Preet Singh, chief executive officer (CEO) of e-wallet company Mobikwik, had earlier told Business Standard: “Wallets have always been treated as second cousins in the payments ecosystem.

How will customers benefit?

Consumers will be able to use these cards at merchant outlets and for online shopping. They will not, however, be able to use them to withdraw cash or for international transactions. Read More

Business Standard


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