After demonetisation in November 2016, many small service providers and merchants began accepting payments through e-wallets. It was a new experience for most of us. But even before this happened, people were already using wallets for person to person transfer of money in instances like sharing an expense among friends. This sort of convenience and ease may however be a thing of the past. The Reserve Bank of India (RBI) recently came out with guidelines regarding issuance and operation of prepaid payment instruments (PPIs). Read those here. The most common PPIs used are e-wallets, prepaid gift cards issued by merchants and prepaid meal passes. We highlight the most common use cases of PPIs and what will change for the consumer.
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