Wallet interoperability eases loan, payments transactions4 min read . Updated: 17 Nov 2020, 08:23 AM IST
- Fintech companies are using the prepaid card feature to come up with new offerings for consumers
- Borrowers can decide spending limit based on the end use, which can help them limit borrowing for each category
When the Reserve Bank of India (RBI) issued a notification on interoperability of wallets in October 2018, many saw it as a move that will allow fund transfer between wallets. Many anticipated that users will be able to transfer money from, say, Paytm to PhonePe, and vice-versa. But financial technology companies have taken this feature beyond its simple utility and are introducing innovative products that offer convenience to consumers.
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