RBI’s New eWallets With No KYC – Details here
Reserve Bank of India or RBI has now launched a new category of prepaid payment instrument (PPI), which will be semi-closed. The new prepaid payment instruments or PPI launched by RBI will make the process the process of KYC extremely easy for the customers.
While launching these new PPI, RBI said, “To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new type of semi-closed PPI,”
The end-user will be able to create an account in these semi-closed eWallet by simply entering their mobile phone number, and then verify it via OTP.
Besides, the user will need to self-declare their name, and a unique ID number needs to be entered. There will be no requirement of any KYC process, and this is the gamechange move.
Transactions Upto Rs 10,000 Will Be Allowed
These semi-closed eWallets will allow a monthly transaction of only Rs 10,000, and beyond this amount, these PPIs wont allow the user to top-up their wallets.
This means, that these new type of eWallets will be mainly used for low value daily transactions, which constitute upto 60% of the overall cashless transactions in India……….Read More>>