{"id":6533,"date":"2017-10-17T17:13:36","date_gmt":"2017-10-17T17:13:36","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=6533"},"modified":"2021-06-06T03:02:29","modified_gmt":"2021-06-05T21:32:29","slug":"wallet-inter-operability-means-small-business-video","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/wallet-inter-operability-means-small-business-video\/","title":{"rendered":"What Wallet Inter-Operability Means for Your Small Business (VIDEO)"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In case you missed it, the RBI (Reserve Bank of India) recently declared new rules for PPIs (Prepaid Payment Instruments) and said all wallets will now become inter-operable. What could this mean for you?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The inter-operability will be <a href=\"https:\/\/www.instamojo.com\/blog\/5-things-can-upi-vpa\/\"><span style=\"color: #0000ff;\">powered by UPI<\/span><\/a> and will be rolled out in phases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All wallets will need to upgrade to full <a href=\"https:\/\/www.instamojo.com\/blog\/kyc-documents-list-update-know\/\"><span style=\"color: #0000ff;\">KYC<\/span><\/a> in the first phase.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Users will need to upload these documents to use wallets.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Verified ph no.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">ID proof<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Address proof<\/span><\/li>\n<\/ul>\n<h3><strong>Once you are KYC compliant, you will able to:<\/strong><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">Transfer money from one wallet to another -&gt; Eg: Paytm to Freecharge<\/span><\/li>\n<li>\u00a0You will also be able to transfer money from your wallet to your bank account without any additional charge. Today you are charged about 4%.<\/li>\n<\/ul>\n<p>The maximum limit you can upload in your wallet is Rs.10,000 &#8211; down from the earlier Rs.20,000.<\/p>\n<p><span style=\"font-weight: 400;\">Any wallet with a zero balance for one consecutive year will be closed automatically.<\/span><\/p>\n<div class=\"cs-embed cs-embed-responsive\"><iframe loading=\"lazy\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/2N-sggCtnjM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<p><strong>You may also like:\u00a0<a href=\"https:\/\/www.instamojo.com\/blog\/mobile-wallet-upi-digital-payments\/\"><span style=\"color: #0000ff;\">Mobile Wallets vs UPI: Are Digital Wallets Dying?<\/span><\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Wallet inter-operability: Yay or Nay? Tell us in the comments below. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instamojo supports payments via wallets, UPI and more. Get started with your online business in under two minutes.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #4e4e91;\" href=\"https:\/\/www.instamojo.com\/payment-gateway\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=payment_gateway\" target=\"_blank\" rel=\"noopener\">DISCOVER INSTAMOJO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"In case you missed it, the RBI (Reserve Bank of India) recently declared new rules for PPIs (Prepaid&hellip;\n","protected":false},"author":5,"featured_media":6536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[1093,1092,1088,1089,155,1084,1090,1091,1085,1086,1087],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Wallet Inter-Operability Means for Your Small Business (VIDEO) - Blog Instamojo<\/title>\n<meta name=\"description\" content=\"The RBI just said wallets will become interoperable. 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