New Delhi [India]: Digital wallets are set to be inter operable as Reserve Bank of India (RBI) prepares to open up the Unified Payments Interface platform as a part of government’s digitization program. RBI is expected to issue guidelines shortly on interoperability and ‘Know Your Customer’ (KYC) norms for digital wallet companies.
Interoperability will allow direct money transfers to other digital wallet providers without having to go through a traditional bank.
As soon as RBI clears the norms and prescribes guidelines for it, it will become easier to transfer and pay money from one wallet to another wallet.
Adarsh Money, which already has a tie up with Oxigen Wallet can also be used to send money directly to a merchant with other digital wallets such as Paytm and MobiKwik, expanding the usability of Adarsh Money. This is a bold and encouraging step taken by RBI which will encourage more digital transaction among its users. Adarsh Money which already has a tie up with Oxigen digital wallet and is powered by strong technology and innovation which will bring more people to the digital system and help promotion of digitalization in India and is indeed a right step towards cashless economy.
“Traditionally banks have very less visibility in rural areas. Adarsh Credit Cooperative Society has played an important role in connecting rural masses with financial services with the help of its mobile money application popularly known as “Adarsh Money”. Adarsh Money helps in digitalizing cash transactions in rural India. By Adarsh Money Application, we are providing doorstep facility in providing financial services so that people in rural areas do not have to go to a bank which is in far-flung area in cities.
Adarsh Money has played a pivotal role in financial inclusion in rural India and bringing down the use of cash transactions and also helped in lowering costs and improving transparency”, says Rahul Modi, Managing Director of Adarsh Credit Cooperative Society.
‘Adarsh Money’ has been a revolutionary step in the co-operative sector providing financial transactions like money transfer, NEFT/RTGS to any bank account in India, mobile recharges and digital transactions. Adarsh Money also enables its user to accomplish all types of transaction which otherwise would have been possible only by visiting the branch of the society.
Adarsh Credit Cooperative Society has a base of 1.7 million members and this kind of transition in technology has been used by the first and only co-operative society in India. (ANI)