All Payments Wallets like Amazon Pay, Paytm, etc would be Upgraded according to New RBI Rules
- 2657
- 24
-
- Last Comment
- New RBI rules for all Payment Wallets and Gift cards issuer and more (Prepaid Payment Instruments or PPI):
- The minimum details to be provided to the bank/non-bank PPI issued are -a mobile number verified with One Time Pin (OTP) and a self-declaration of name and unique identity/identification number of any ‘mandatory document’ or ‘officially valid document’ (OVD) as per RBI rules regarding KYC (Know Your Customer).
- These PPIs shall be reloadable in nature and issued in card or electronic form.
- Loading/reloading shall be only from a bank account.
- The amount loaded in such PPIs during any month cannot exceed Rs 10,000. Subsequently, the total amount loaded during the financial year shall not exceed Rs 1,20,000.
- The amount outstanding at any point of time in such PPIs shall not exceed Rs 10,000.
- These PPIs shall be used only for the purchase of goods and services and not for funds transfer.
- PPI issuers shall provide an option to close the PPI at any time and also allow to transfer the funds ‘back to source’ (payment source from where the PPI was loaded) at the time of closure.
- The features of such PPIs shall be clearly communicated to the PPI holder by SMS / e-mail/post or by any other means at the time of issuance of the PPI / before the first loading of funds.
- The minimum detail PPIs existing as on the date of this circular can be converted to the above type of PPI if desired by the PPI holder.
https://www.goodreturns.in/amphtml/news/rbi-iss...
https://m.rbi.org.in//scripts/publicationsview....
- Sort By
…
About KYC ? Is it compulsory or not (for using wallets and for cashbacks)
The minimum details to be provided to the bank/non-bank PPI issued are -a mobile number verified with One Time Pin (OTP) and a self-declaration of name and unique identity/identification number of any ‘mandatory document’ or ‘officially valid document’ (OVD) as per RBI rules regarding KYC (Know Your Customer).
I’m still not sure why PayZapp or HDFC isn’t in this list!
So basically mini kyc which used to be valid for one year will now be valid for lifetime? Or am I missing something?
Exactly
So now Amazon gift cards cannot be used to load amazon pay balance
Gift Cards can still be used to load pay balance now
The govt is stupid.
Anyone received an email from Amazon like below:
Dear customer,
Congratulations!
Your existing Amazon Pay balance will be converted to new lifetime digital account.
Looks like phishing to me.
Thanks for informing
Any updates on payzapp?