18. Interoperability

The ability of customers to use a set of payment instruments seamlessly with other users within the segment are based on adoption of common standards by all providers of these services so as to make them inter-operable. Accordingly, it has been decided as under:
 

a) Interoperability shall be enabled in phases for the PPIs.

b) In the first phase, PPI Issuers (both bank and non-bank entities) shall make all KYC- compliant PPIs issued in the form of wallets interoperable amongst themselves through Unified Payments Interface (UPI) within 6 months from the date of issue of this Direction.

c) In subsequent phases, interoperability shall be enabled between wallets and bank accounts through UPI.

d) Similarly, interoperability for PPIs issued in the form of cards shall also be enabled in due course. However, banks may continue to issue PPIs in association with authorized card networks, as hitherto.

e) PPI Issuers shall ensure adherence to the technical and operational requirements for such interoperability, including those relating to safety and security, risk mitigation, etc.

f) The operational guidelines will be issued separately.

19. Reporting requirements

PPI issuers shall submit the following reports as per prescribed templates and frequency in this Master Direction:
 

a) Net-worth Certificate (Annex-2)
b) Declaration and Undertaking by the Director (Annex-3)
c) List of Co-branding Partnerships (Annex-4)
d) Auditor Certificate on maintenance of balance in Escrow Account (Annex-5)
e) PPI Customer Grievance Report (Annex-6)
f) PPI Statistics (Annex-7)

20. Repeal and other provisions

a) With the issue of these Directions, the instructions / guidelines issued by the RBI, contained in Table-1 of Annex-1 stand repealed.

b) The instructions / guidelines issued by the RBI contained in Table-2 of Annex-1 stand partially repealed to the extent they are applicable to issuance and operations of PPIs.