In six months a Paytm wallet user would technically be able to transact with a Mobikwik or Freecharge user and vice versa. The Reserve Bank of India on Wednesday said interoperability amongst KYC compliant Prepaid Payment Instruments (PPIs) will be implemented within six months of the date of issuance of the revised Master Directions, which will be issued by October 11, 2017.One of the biggest issues with digital payments have been the fact that it a mobile user wallet of Paytm, for example, could only transact with a user who had a Paytm account, a MobiKwik user with someone who has the same digital wallet and so on. Currently, a Paytm user cannot transact with a user with a different wallet or a PhonePe user cannot transact with a Freecharge user. That is set to change in six months.The move will also be a big boon to small merchants that have adopted the digital mode of receiving and making payments.PPIs are payment instruments that facilitate purchase of goods and services, including financial services, remittance facilities etc. against the value stored on such instruments. PPIs that can be issued in the country are classified under three categories viz. (i) Closed system prepaid payment instruments (ii) Semi-closed system prepaid payment instruments and (iii) Open system prepaid payment instruments.The Reserve Bank had issued guidelines for issuance and operations of PPIs in April 2009 in order to foster an orderly development of the PPI ecosystem. In the light of the experience gained, a draft of Master Directions on the subject was placed in the public domain for comments on March 20, 2017.The six-member Monetary Policy Committee ( MPC ) of Reserve Bank of India, headed by Governor Urjit Patel , said feedback received has been examined and it has been decided to rationalise the operational guidelines with a view to encouraging competition and innovation, and strengthening safety and security of operations, besides improving customer grievance redressal mechanisms."In line with the Vision for Payment and Settlement Systems in the country, the revised framework will pave the way for bringing inter-operability into usage of PPIs," said the Central Bank in a statement.