Hotness All Payments Wallets like Amazon Pay, Paytm, et...

Hot Deal All Payments Wallets like Amazon Pay, Paytm, etc would be Upgraded according to New RBI Rules

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All Payments Wallets like Amazon Pay, Paytm, etc would be Upgraded according to New RBI Rules
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  • 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....

Expired 2 months
23 Comments  |  
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Deal Subedar
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Any updates on payzapp?

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chiraggyl170 wrote:

Any updates on payzapp?

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chiraggyl170 wrote:

Any updates on payzapp?

Sorry. Can’t find PayZapp yet in the RBI link

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About KYC ? Is it compulsory or not (for using wallets and for cashbacks)

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mastervijay wrote:

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).

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mkshakya wrote:

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).

  • If the option is available then for cash loading Full- KYC verification is required for New users. Like Amazon cash loading.
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I’m still not sure why PayZapp or HDFC isn’t in this list!

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Deal Cadet
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So basically mini kyc which used to be valid for one year will now be valid for lifetime? Or am I missing something?

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So now Amazon gift cards cannot be used to load amazon pay balance

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anujaga92904 wrote:

So now Amazon gift cards cannot be used to load amazon pay balance

Gift Cards can still be used to load pay balance now

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Total_Fun wrote:

Gift Cards can still be used to load pay balance now

now we can but in new rules we cant

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Deal Cadet
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The govt is stupid.

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Deal Cadet
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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.

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fezankhan93 wrote:

So basically mini kyc which used to be valid for one year will now be valid for lifetime? Or am I missing something?

Exactly

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Total_Fun wrote:

Gift Cards can still be used to load pay balance now

.

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anujaga92904 wrote:

now we can but in new rules we cant

What makes you think so?  Btw PPI aren’t explicitly prohibited to use gift card instrument ( as those can be traced to it’s actual buyer)

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Total_Fun wrote:

What makes you think so?

Point no. 4 – Loading/reloading shall be only from a bank account.

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anujaga92904 wrote:

Point no. 4 – Loading/reloading shall be only from a bank account.

That means money loading from other wallet not allowed. Wallet to wallet transfer not possible. Amazon treats gift cards separately, no issue with it.

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anujaga92904 wrote:

Point no. 4 – Loading/reloading shall be only from a bank account.

3rd Bullet point

“These PPIs shall be reloadable in nature and issued in card or electronic form.”

Gift cards are also considered pre-paid payment instrument. So these can be loaded with bank account and bank ATM cards.

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Deal Newbie
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Thanks for informing

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Total_Fun wrote:

3rd Bullet point

“These PPIs shall be reloadable in nature and issued in card or electronic form.”

Gift cards are also considered pre-paid payment instrument. So these can be loaded with bank account and bank ATM cards.

..

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insta wrote:

That means money loading from other wallet not allowed. Wallet to wallet transfer not possible. Amazon treats gift cards separately, no issue with it.

In 2018 RBI allowed mobile wallets to issue UPI handles and (virtual and physical) cards. This enabled non-bank prepaid payment instruments (PPIs) to act as quasi-banks in terms of payments.

So YES it’s possible.

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Total_Fun wrote:

In 2018 RBI allowed mobile wallets to issue UPI handles and (virtual and physical) cards. This enabled non-bank prepaid payment instruments (PPIs) to act as quasi-banks in terms of payments.

So YES it’s possible.

I meant wallet balance transfer is not possible. For upi no need of even mini kyc.

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