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Your PHONEPe wallet will be upgraded automatically

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Deal Subedar
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    New Category of Semi Closed Wallet Minimum KYC Wallet:

    • For initial activation of your PhonePe Application and/or wallet activation, two inputs are needed: 1) the mobile number of the User will be verified via a One Time Password (OTP) sent to the User’s mobile phone device via SMS. Please note that only mobile numbers of Indian telecom providers will be permitted, 2)the User will have to provide a self-declaration of his/ her name and enter the unique identification number of any Officially Valid Document or Mandatory Document (defined below) as prescribed by RBI and as acceptable to PhonePe from time to time as well as accept the Wallet T & Cs. Once the User’s Officially Valid Document or Mandatory Document self-declaration and Wallet T & Cs acceptance is complete, the PhonePe Wallet will be activated. Please note that you will be allowed to use only one PhonePe Wallet at any given point of time.

    • Users of international mobile numbers shall not be eligible for activation of PhonePe wallet.

    • You agree that if You provide any information that is untrue, inaccurate, not current or incomplete or We have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with the requirements of PhonePe as intimated from time to time, PhonePe shall have the right to indefinitely suspend, terminate or block access to Your PhonePe Wallet.

    • You agree that information as submitted by you can be used by PhonePe, PhonePe group and associates for it’s own purposes and/or while offering other PhonePe services.

    • Information provided by You may be disclosed to regulatory / quasi regulatory bodies, or other third parties and auditors as may be required for product offering by PhonePe.

    • Officially Valid Document (“OVD”) shall have the meaning as ascribed to the term under the ‘Master Direction – Know Your Customer (KYC) Direction, 2016’ as amended from time to time and shall inter alia mean the following:

    (a) Passport;
    (b) Proof of Possession of aadhar
    © Driving License;
    (d) Voter Identity Card issued by the Election Commission of India;
    (e) Job card issued by NREGA and duly signed by an officer of the State Government;
    (f) Letter issued by the National Population Register containing details of name, address, or any other document as notified by the Central Government; or
    (g) Such other documents as may be designated as OVD by RBI and collected by PhonePe from time to time.

    Alternatively, you may provide your PAN Number

    • Features: These PPIs shall be reloadable in nature and issued or electronic form. Loading / Reloading shall be from a bank account (debit cards, UPI or Net banking) as allowed by PhonePe from time to time.

    • Top Up and Loading Limits: You will be able to load in this category of Wallet a maximum INR 10,000/ per month, and maximum INR 1,20,000/- in a financial year. In addition, the available balance in such Wallet shall not exceed INR 10,000/- at any given point of time. The same balance will be available for purchase of goods and services from merchants.

    • Restrictions: Users with this new category of min KYC PhonePe Wallet will not be allowed to withdraw the money in their wallet except at the time of closure. On closure, the transfer of money out of Minimum KYC Wallet will be done ‘back to source’ (i.e. payment source from where the money was loaded). Wallet to Wallet transfers shall not be permitted.

    • Loading of Money: If you are a Minimum KYC Wallet holder and your Wallet already has an outstanding balance of Rs. 10,000/- or more, you will not be permitted to perform any further loading unless the balance goes below Rs. 10,000/-.

    • You will be allowed to perform debit transactions in Minimum KYC Wallet upto a maximum of Rs 10,000/- per month.

    • You have the option to fix a cap on the value of transactions and you will be allowed to change the caps, with additional authentication and validation. PhonePe has also incorporated certain velocity checks i.e. restrictions on number/value of wallet top-ups and purchase transactions to prevent, detect and restrict occurrence of fraudulent transactions.

    • In order to prevent, detect and restrict occurrence of fraudulent transaction, the company may apply certain cooling period for fund transfer.

    • You have an option to close the PPI at any time and any remaining balance (if any at the time of closure) shall be transferred to the payment source, i.e from where the PPI was loaded.

    • Purchase Limits: A Minimum KYC Wallet shall have the following purchase limits:

    Per TransactionPer DayPer MonthPer Financial Year
    ₹10,000₹10,000₹10,000₹1,20,000

    • PhonePe wallet is one of the payment options available to the Users on Merchant platform and Phonepe takes no responsibility for any and all products or services purchased by the user using the PhonePe wallet. Further, PhonePe shall not be liable for any reason whatsoever and any such liability is expressly disclaimed. User can pay directly from his/her PhonePe account linked bank, if:

    i. The order value exceeds the available amount in the PhonePe wallet; or
    ii. The User has exceeded his/her limit for Purchases using the wallet, as per the RBI rules

    • For users who are existing PhonePe wallet customers, You consent to be migrated to the new category from the current PPI category and agree to the terms and Conditions stipulated under this category of PPI for the use of PhonePe services.

    • Users who are existing PhonePe wallet customers being migrated to this category of PhonePe wallet, may choose to opt-out of this new category of PhonePe Wallet within 5 days from migration notification from PhonePe. You may opt out via the PhonePe app by clicking on “Closing PhonePe Wallet’’ within the help section on the PhonePe Wallet screen and following the next steps.

    • Users who have an existing PhonePe wallet in “Inactive” state, will get migrated to this new category of PhonePe Wallet upon activation of their wallet account. This migration is expected to happen immediately at the time of activation.

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    Deal Subedar Deal Subedar
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    https://cdn0.desidime.com/attachments/photos/604033/original/images_%288%29.jpeg?1580561058

    Deal Subedar Deal Subedar
    Link Copied

    RBI to introduce new PPI wallet/cards for digital transactions upto Rs 10,000

    Please Visit
    https://ddime.i...tk

    This is being implemented by PHONEPe from 7/02/20.
    More wallet to follow the same soon….

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    Critic Critic
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    Nothing new

    replyuser
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