Great News - Now Kyc is not required for RuPay NCMC Cards

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Finance Ninja
abhishek012

Great News - Now Kyc is not required for RuPay NCMC Cards:

RuPay NCMC (National Common Mobility Card) can be issued with a limit of Rs 3,000 without any KYC as RBI eases rules

RBI eases rules for National Common Mobility Card: The National Common Mobility Card (NCMC), designed to streamline digital payments across various public transport systems in India, has seen limited adoption so far. However, recent regulatory changes may boost its usage in the future.

The Reserve Bank of India (RBI) has permitted the issuance of NCMC cards with a maximum limit of Rs 3,000 without the need for KYC verification.

This new rule is expected to encourage more people to obtain and utilize these cards, states an ET report.
The RBI's updated rules allow banks and prepaid companies to issue NCMC cards with a limit of Rs 3,000 without KYC verification, specifically for transit payments. Once customers complete the KYC process, these cards can be used for regular transactions.

Ravi Goyal, the managing director of AGS Transact, expressed optimism about the impact of this regulatory update, stating that it could attract more players to the market. AGS Transact, in partnership with RBL Bank, offers NCMC services in Bengaluru through Ongo-branded RuPay prepaid cards.

Despite the existence of around 200 million NCMC-enabled cards issued by 48 banks, the actual usage has been limited according to a senior banker. Unlike closed-loop cards limited to specific metro services, NCMC cards can be used for payments at metros, buses, toll plazas, and fuel stations, with plans to expand to commuter trains connecting suburbs to major cities.

The concept of NCMC was inspired by successful systems like the Oyster cards in London and Octopus cards in Hong Kong. However, India's decentralized public transport system, managed by individual state governments, has posed challenges to its quick adoption and implementation.

Also the recent Paytm regulatory issues has meant that many metro companies that tied up with PPBL for payment services have had to move to other players. Delhi Metro has transitioned to Airtel Payments Bank following the directive to discontinue services with PPBL. A spokesperson from Delhi Metro confirmed the switch and emphasized their commitment to promoting NCMC.

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Vanguard Vanguard
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I hope NCMC gets enabled at more metros across Bharat. Lucknow metro is still issuing a GoSmart Card only.

Finance Ninja Finance Ninja
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Ya but Kanpur metro issue GoSmart RuPay NCMC Card.

Hope Lucknow metro will soon enabled NCMC system.

kanpur-metro

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Deal Lieutenant Deal Lieutenant
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Are they upgrading previously issued mobility card for metro. Cos one is lying in my wallet since many years.

Deal Newbie Deal Newbie
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The only reason I didn't get one was because I didn't want to link all activity to my identity.

Now I'll get it 😌

Benevolent Benevolent
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fayda kya hai ncmc ka ye to btao
Generous Generous
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A new instrument for money laundering. 😜

Benevolent Benevolent
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Just after a few months, introduce 10% cashback on kyc, everyone will be linking their aadhaars to it. 

replyuser
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