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The services are expected to be launched by early 2016 and are being developed in association with the National Payments Corporation of India.
The Reserve Bank of India (RBI) will soon allow transfer of money from one online wallet to another. These services are expected to launch from early 2016. The service is being developed in association with the National Payments Corporation of India (NPCI).
This transfer of funds from one online wallet to another was mentioned by Infosys co-founder and Former Chairman of the Unique Identification Authority of India (UIDAI), Nandan Nilekani during the ‘WhatsApp moment in finance’ talk that happened in Bengaluru in August. The talk happened during The Indus Entrepreneurs (TiE) Leapfrog summit, Nilekani said that India was moving towards a cashless transaction mechanism with the emergence of services such as Immediate Payment Service (IMPS), mobile wallets, direct cash and more. He said that IMPS transactions had exceeded money orders within three years of launching, even though money order service was launched back in 1880. He also said that IMPS would overtake debit and credit card payments.
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