The Reserve Bank of India, on 20th March, announced a plan for making digital wallets inter-operable through UPI (Unified Payments Interface) platform. This is under the digitization program of the Government. According to some reports issued by the Reserve Bank of India, the guidelines for interoperability of the wallets and KYC (Know Your Customers) are yet to be prescribed.
What is Interoperability?
It lets you transfer direct money from one digital wallet to another digital wallet without the need of going through traditional banking. Adarsh Credit Co-Operative Society’s mobile application platform Adarsh Money has already tied up with a digital wallets such as Oxigen Wallet , Jio Money and Airtel money.
Inspite of some false allegations which are being spread about Adarsh Credit Co-Operative Society Ltd., we have always continued to serve the best interest to our members and such false accusations will never work and will not impact the loyalty of our members and advisors.
Adarsh Credit Co-operative Society reviews this move by the Reserve Bank of India as a much needed step to bring our country into a digital platform and to promote the Digital India campaign.
We, at Adarsh Credit Co-Operative Society Ltd always believe that the proposed RBI guidelines for opening for Unified Payment Interface would boost up the mobile banking, ecommerce transactions and online payments.
Ultimately, this will eliminate the requirement of using paper currency and will promote more cashless transactions and will lower the overall corruption rate in the country.