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Tuesday, January 25, 2022

Soon you will be able to withdraw money from mobile wallet in ATMs, know how?

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Wallets will issue prepaid cards to their customers. Using the card, they can withdraw money at the ATM and swipe the card at the merchant stores.

You can withdraw money from mobile wallet in ATM

The Reserve Bank of India (RBI) has allowed cash withdrawals from mobile wallets such as Prepaid Instruments (PPI) and Merchant Payment (Merchant Payment) in the monetary policy. The banking regulator has allowed them to be part of RBI’s centralized payment system – Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT.) This decision of RBI brings the wallet into parity with bank accounts.

However, they do not have an account nor do the wallet companies have their own ATMs. So the question arises as to how users can withdraw money from their wallet or pay to a merchant in an ATM?

Money will be released from the wallet in such ATMs

Praveen Dhabhai, director and chief operating office of Payworld Money, a payment company, told ‘Mint’ that Wallet will issue prepaid cards to its customers. Using the card, they can withdraw money at the ATM and swipe the card at the merchant stores. Please tell that Payworld Money also has a mobile wallet.

Explain that in October 2018, RBI issued guidelines on interoperability. This allowed the wallet to offer money transfer via UPI (Unified Payments Interface) and to issue prepaid cards on RuPay and Visa networks. Until now, it was optional and only a few were about to take it. But in the recent monetary policy, the central bank has made PPI mandatory to be interoperable.

Interoperability will be done in three phases

According to the notification, interoperability will be in three stages. First, the wallet will be included in UPI. Second, the wallet will be allowed to transfer money to a bank account using UPI. In the third and final phase, PPIs will be allowed to issue cards. Some companies that are already issuing voluntary cards.

Currently, wallets cannot use the Aadhaar Enabled Payment System (AEPS), which banks provide. Because most users do not link their wallet to Aadhaar.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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