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RBI dangles wallet interoperability but prescribes tougher norms for companies

Wallets may be allowed access to interoperable payment systems provided that players will comply with the enhanced eligibility criteria and instructions on safety, security, risk mitigation, the Reserve Bank of India (RBI) said in a draft circular. Interoperability between payment systems is one the Unified Payments Interface (UPI)'s hallmark and wallets companies are not allowed on UPI currently. This has been a sore point for many players in the ecosystem. The Economic Times recently reported that wallets will now be allowed on the UPI after the RBI finalizes revised guidelines on wallets and would decide on the interchange fees between the wallets. However,  the RBI has not elaborated on specific directions for interoperability. "Entities meeting the revised eligibility criteria and adhering to other instructions on safety, security, risk mitigation etc. contained in these Directions shall be allowed to participate in other interoperable payment systems, as and when specific directions are issued in this regard," the RBI added. Some of the new guidelines wallets will now have to adhere to:  1. Net worth requirements: Wallet companies will have to have a minimum net worth of Rs 25 crore and will have to maintain the same at all times. The net worth will consist of: -Paid up equity capital -Preference shares which are compulsorily convertible into equity capital -Free reserves -Balance in share premium account - Capital reserves which will include surplus arising out of sale proceeds of assets. This will not include reserves created by revaluation of assets which are adjusted for accumulated…

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