India’s central bank imposes interoperability rule for mobile wallets and prepaid cards

Interoperable Enable Interoperability

Source - eMarketer.Com

India’s central bank is asking that all licensed prepaid payment instruments (PPIs)—which include mobile wallets and closed- and open-loop prepaid cards—be interoperable by April 2022, per Business Today. Mass transit cards are exempt from the rule, and gift card issuers have the option to enable interoperability.

Interoperability will be facilitated through card networks for card-based PPIs and the Unified Payments Interface (UPI) for mobile wallets. In practice, this means users with mobile wallets can send payments to various wallet brands and also use them at any UPI-accepting merchant.

It also means that consumers will be able to use their mobile wallets and select prepaid cards to withdraw cash from ATMs.

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Tales from under the Merkle Tree



As she approached the entrance to the club, she gave the frame of her new prescription AR glasses a gentle squeeze. When she got to the door, it appeared to turn green, indicating recognition that she was over 21 years of age. Then, a message appeared along with a friendly voice asking for the 5 ADA cover charge. She shook her head yes. A moment later, the door opened, which indicated that the transaction had cleared. And so begins a story about life in a trustless, decentralized world − a tale from under the Merkle tree.


Ralph C. Merkle is one of the inventors of public-key cryptography, the cryptographic system that enables secure online transactions for banking, ecommerce, and the like. As world-changing as that invention was, his work on the cryptographic hash function and the security and efficiency of his eponymous Merkle tree are even more impressive. If you haven’t guessed by now, the “crypto” in cryptocurrency is, in part, courtesy of the cryptographic hash function and Merkle trees. Merkle trees put the “fun” in fungible and nonfungible tokens, make the blocks on a blockchain unique, and ensure that smart contracts don’t get outsmarted.

A Decentralized World

But we’re just getting started. Those who have stood on Ralph Merkle’s shoulders are about to usher in an era of individualism, privacy, and personal control that we have not seen since… um… ever.

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