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?
The inter-operability will be powered by UPI and will be rolled out in phases.
All wallets will need to upgrade to full KYC in the first phase.
Users will need to upload these documents to use wallets.
- Verified ph no.
- ID proof
- Address proof
Once you are KYC compliant, you will able to:
- Transfer money from one wallet to another -> Eg: Paytm to Freecharge
- You will also be able to transfer money from your wallet to your bank account without any additional charge. Today you are charged about 4%.
The maximum limit you can upload in your wallet is Rs.10,000 – down from the earlier Rs.20,000.
Any wallet with a zero balance for one consecutive year will be closed automatically.
You may also like: Mobile Wallets vs UPI: Are Digital Wallets Dying?
Wallet inter-operability: Yay or Nay? Tell us in the comments below.
Instamojo supports payments via wallets, UPI and more. Get started with your online business in under two minutes.